INCLUDING Bank and Quotation Section (Monthly) Railway and Industrial Section (Quarterly) Randal "Jr rude State and City Section (Semi -Annually Electric Railway Section (:J) VOL. 88. SATURDAY, MARCH 20 1909. NO. 2282. The Throuirle. PUBLISHED WEEKLY. Terms of Subscription -Payable In Advance Vor One Year $10 00 For Six Months 6 00 European Subscription (including postage) 13 00 European Subscription six months (including postage) 7 50 Annual Subscription in London (including postage) 12 148. Six Months Subscription in London (including postage) 21 118. Canadian Subscription (including postage) $11 50 Subscription includes following Supplements - Ti NNK AND QUOTATION (monthly) I STATE AND CITY (semi-annually) RAILWAY AND INDuSTUIAL (quarterly) ELECTItic RAILWAY (3 times yearly) Terms of Advertisind-Per Inch Space Transient matter per inch space (14 agate lines) $4 20 Standing Business Cards / T:vo m Months (8 i.imel Three Months (13 times S x onths (26 times Twelve Months (52 times) 22 00 29 00 50 00 87 00 CHICAGO OFFICE -P. Bartlett, 513 Monadnock Block; Tel. Harrison 4012, LONDON OFFICE -Edwards & Smith, 1 Drapers' Gardens, E. C. WILLIAM B. DANA. COMPANY, Publishers, P.O. Box 958. Front, Pine and Depeyeter Ste., New York. Published every Saturday morninz by WILLIAM B. DANA COMPANY William B. Dana, President; Jacob Seibert jr., Vice-Pres. and See.; Arnold G. Dana, Treas. Addresses of all, Office of the Company. CLEARING -HOUSE RETURNS. The following table, made up by telegraph, &c., indicates that the total bank clearings of all clearing houses of the U. S. for week end. Mar. 0 have been $2,753,703,160, against $2,- 631,299,196 last week and $2,368,347,619 the week last year. Clearings-Return4 by Telegraph Mar. 20 1909. 1908. % - New York $1,364,695,680 61,184,164,356 1-15.2 Boston 127.296,799 104,834,485 +21.4 Philadelphia 96,301,746 94,742,659 +11 Baltimore 20,121,592 16,709.438 +20.4 Chicago 221,058,247 193,675,676 +14.1 St. Louis 57,030,872 50,'d26,328 +13.6 New Orleans 13,929,674 13,925,655 +0.03 Seven cities, 5 days $1,900,434,610 $1,658;_78,579 +14.6 Other cities, 5 days 416,268.341 331,497,6 , 2 +25.6 Total all cities, 5 days $2,316,702,951 $1,989,776,279 +16.4 All cities, 1 day 437,000,209 378,571,340 +15-4 Total all cities for week 32,753,703,160 $2,268,347,619 +16,3 The full details for the week covered by the above will be given next Saturday. We cannot furnish them to -day, clearings being made up by the clearing houses at noon on Saturday, and hence in the above the last day of the week has to be in all cases estimated, as we go to press Friday night. We present below detailed figures for the week ending with Saturday noon, March 13, for four years. Clearings at New York Philadelphia _ _ _ Pittsburgh Baltimore Buffalo Washington _ _ Albany Rochester Scranton Syracuse Reading Wilmington Wilkes-Barre _- Wheeling Harrisburg York Erie Greensburg Binghamton _ - Chester Altoona Franklin Trenton Total Middle_ _ Boston Providence Hartford New Haven Springfield Portland Worcester Fall River New Bedford _ Lowell Holyoke k Total New Eng. Week ending March 13. 1909. 1908. Inc. or Dec. 1907. 1906. $ 1,512,736,319 114,546,762 36,437,690 25,433,253 7,236,390 6,296,111 4,625,166 2,970,768 2,252,769 1,823,226 1,356,160 1,036,402 1.030,206 1,446,018 1,100,000 782,074 682,425 491,274 495.700 397,164 417,597 322,298 1,602,258 $ 1,244,089,489 103,355,518 35,977,624 22,125,778 6,800,175 5,775,108 4,566,169 3,250,122 2,038,358 1,926,333 1,153,234 1,190,322 1,097,180 1,284,498 818,586 725,061 516.933 500,000 462,300 426.657 377,803 239,955 Not Included 6 +21.6 +10.8 +1.3 +15.0 +6.4 +9.0 +1.3 -8.6 +10.5 5.3 +17.6 12.9 -6.1 +12.6 +34.4 +7.9 +32.0 -1.7 +7.2 -0.9 +10.5 +34.3 in total +19.8 +13.7 +29.5 +14.7 +12.7 +18.1 -4.2 +4.3 +42.6 +16.2 +13.3 +16.4 $ 2,514,930,126 144,706,688 55,411,962 31,117,171 8,161,010 6.518,664 7,448,485 3,815,651 2,065,002 1,975,079 1,473,767 1,469,337 1,175,000 816,218 1,060,446 732,726 540.000 556,000 465,979 284,053 $ WI 1,866,688,656 141,345,760 47,073,825 26,052,703 6,686,779 5,577,209 4,737,575 3,725,212 1,563,992 1,499,764 1,281,219 1,290,385 972.313 1,106,007 652,060 479,351 553,400 437,938 329,180 1,723,915,772 138,699,144 7,343,000 3,884,682 2,248,824 1,882,421 1,505,270 1,561,480 1,204,683 804,087 477,163 448,882 1,438,697,203 122,009,402 5,670,000 3.385,431 1,995,308 1,593,240 1,571,058 1,496,014 844,976 692,161 421,465 385,264 2,784,723,364 182,649,601 8,870,500 4,342,133 3,029,977 2,100,000 1,768,291 1,694,800 1,281,421 660,355 578,291 492.952 2,112,851,328 158,277,384 8,097,400 3,497,854 2,093,395 1,976,989 1,604,433 1,945.916 955,029 732,979 463,654 434,692 160,059,636 140,064,319 +14.3 207,408,321 180.079,725 Clearings al Week ending March 13. 1909. 1908. Inc. or Dec. • 1907. , 1906. Chicago Cincinnati Cleveland Detroit Milwaukee Indianapolis _ Columbus Toledo Peoria Grand Rapids_ _ . Dayton Evansville Kalamazoo Springfield, Ill Rockford Lexington Youngstown Fort Wayne ___ . Quincy Akron Bloomington_ Springfield, 0_ _ _ South Bend Canton Decatur Jackson Mansfield Jacksonville, Ill, Ann Arbor Danville Adrian Tot. Mid.West, San Francisco_ _ _ Los Angeles Seattle Portland Salt Lake City Spokane Tacoma Oakland Helena Sacramento Fargo Sioux Falls Stockton San Jose Billings San Diego Fresno North Yakima Total Pacific_ Kansas City ___.. Minneapolis Omaha St. Paul Denver St. Joseph Des Moines Sioux City Wichita Lincoln Davenport Topeka Cedar Rapids Colorado Springs Pueblo Fremont Tot. oth.West St. Louis New Orleans_ _ _ Louisville Houston Galveston Richmond Atlanta Memphis Savannah Nashville Fort Worth Norfolk Birmingham __ Augusta - Jacksonville ___1,898,632 Chattanooga _ - Knoxville - Mobile Little Rock Charleston Oklahoma Macon Beaumont Austin Vicksburg Total Southern $ 261,436,607 26,268,600 14,707,517 13,437,592 11,831,468 7,424,988 5,472,200 4,744,261 3,371,555 2,205,382 1,929,357 2,106,301 1,086,884 1,262,573 895,055 684,989 985,423 1001746 ,, 764,927 735,000 753,794 473,387 389,029 654,130 500,521 324,185 326,670 338,544 137,616 407.304 29,728 $ 236,428,355 24,086,150 12.303,464 12,153,242 9,856,136 7,119,154 4,708,000 3,785,008 2,790,309 1,997,852 1,318,267 1,468,005 906,278 960,759 826,127 785,399 755.698 686,723 688,625 650,000 621,462 446,005 420,928 381,037 357,530 300,000 285,989 241.043 142,488 357,385 28,000 +10.6 +9.1 +19.5 +10.6 +20.0 +4.3 +16.2 +25.3 +20.8 +10.4 +46.3 +43.5 +19.9 +31.4 +8.4 -12.9 +30.4 +46.7 +11.0 +13.1 +21.2 +6.1 -7.6 +71.9 +40.1 +8.0 +14.2 +40.4 -3.4 +14.0 +6.2 $ 256,101,455 27,256,300 16,801,957 13,877,388 11,154,639 7,740,752 5,348,100 5,000,880 2,985,363 2,438,761 2,157,419 1,787,313 1,001,102 919,797 870,621 794,111 642,576 960,337 589,372 645,000 613,552 549,576 493,916 575,785 453,212 351,016 344,058 251,391 133,053 30,000 204,5 8 86,813 24,071,450 14,490,717 12.297,055 9,369,875 6,097,119 5,1117,300 4,855,200 3,847,635 2,175,535 1,970,103 1,479,231 791,558 919,544 691,706 743,672 572,814 626,340 490,147 544,000 579,168 392,192 360,952 477,221 367,435 247,402 306,798 294,079 140,902 365,687,383 34.439,606 12,556.557 11,597,864 8.000.000 5,253,237 7,091,803 4,901,585 1,748,170 731,498 849,000 629,425 810,000 473,206 378,160 158,636 912,000 490,780 • 390,152 327.855,418 31,707,841 9,971,602 8,109,768 6,995,219 4,228,180 5.497,563 4,062.794 .488,835 576,221 987,071 747,652 570,000 413,040 360,854 137,355 750.000 Not included Not included +8.5 +8.6 +25.9 +43.0 +14.4 +24.2 +29.0 +20.7 +16.9 +26.9 -14.0 -15.8 +42.1 +14.6 +4.8 +15.5 +21.6 in total in total +18.2 +40.8 -14.0 +26.7 +12.0 +28.3 +36.0 +75.5 +24.3 +31.3 +6.8 +2.4 +31.8 +19.7 +3.9 +8.1 +19.0 +23.1 +9.0 -4.0 +16.6 +42.8 +10.9 +4.3 +1.3 -8.5 -6.0 +33.0 +52.3 +15.3 -12.1 -6.3 +13.0 -4.9 +19.0 -11.1 +21.2 +6.2 +64.2 +5.1 +15.6 +31.2 -1.9 362,868,802 49,767,294 14,441,504 10,872,833 8,450,000 5,883,348 5,250,413 4,639,088 3,940,100 921,490 913,750 607,950 467,720 298,893,963 48,092,681 13,000,056 10,057.659 5,600,479 4,790,862 3,926,118 4,137,141 89 - 5;5 , 11; 546,418 393,014 . 90,530,747 48,046,273 17,143,509 16,461,924 9,904,528 9,230,592 7,869,746 4,062,553 3,198.149 1,894,278 1,530,382 1,263.737 1,541,575 1,231,364 646,679 590,533 419,574 76,603,995 34,117,865 19,940,254 12.991,658 8,843.092 7,196,932 5,785,203 2,314,786 2,573.118 1,443.118 1,432,144 1,233,686 1.169,083 1,028,329 622,209 546,114 . 352,346 106,155,490 32,505,229 21,231,703 13,468,711 8,720,183 8.072,865 6,227,294 3,361,537 2,394,407 1,135,150 1,497,800 1,088,339 895.555 816,974 750,000 648,122 320,194 91,439,776 23,908,683 16,915,998 10.070,063 6,852.565 6,170,712 5,224,331 2.636,314 1,848,577 1,001,080 993,900 818.366 539,550 664.928 440,442 261,571 125,035.396 65,746,265 15.709,472 13,762,084 14,794,589 6,931.000 6,256,053 4,881,613 5,316,404 2.843,519 4,400,000 6,539,778 2,145,565 1,850,089 1,497,608 1,548.144 1,856,876 1,204,767 1,689,308 1,395,000 1,475,000 688,032 597,179 732,333 310,952 101,590,937 60,339,430 16,370,722 11,790,526 10,358,309 6,250,500 6,000,000 4,818,510 5,813,394 3,024,485 3,307,403 4,294,469 1,861,673 2,104,559 1,608,775 1,680,882 1,628,401 1,559,853 1,355,351 1,393,458 1,314,164 898,356 654,817 516,480 558,483 316,807 103,114,063 64,826,753 20,483,022 13,329,423 10,502,062 7,201,500 6,658,939 5,400,265 5,085,003 3,709,995 4,229,325 4,000,395 2,812,449 2,462,631 1,684,129 1,669.428 1,340,000 1.638.471 1,913,302 1.540,031 1,475,000 905,073 727,009 587,979 78,347,080 57,331,572 18,732,119 13,271,866 9,170,628 5,707,500 5,718,828 4,843,559 5,428,727 3,620,262 4,181,396 2.496,963 2,034,978 1,803,749 1,475,622 1,544,072 1,161,120 1.590,538 1,544.072 1,168,549 1,291,898 750,000 606,172 425,000 166,072,262 149,819,807 +10.8 164,182,184 145,605,116 Total all 2,631,299,196 2.234,631,679 +17.7 3,728,452,224 2.906,416,988 Outside N. Y.1,118,562.877 990,542,190 +12.9 1,213,523,098 1,039,728,332 Canada - Montreal Toronto Winnipeg Vancouver Ottawa Quebec Halifax Hamilton St. John London Calgary Victoria Edmonton Total Canada.. 30,414,416 25,599,605 11,493,143 4,869,903 2,887.207 1,885,548 1,708,559 1,267,698 1,191.671 1,172,257 1,450,496 1,179,191 858,008 25,208,270 19,734,137 9,247.822 3,080,818 3,072,318 2,310,214 1,601,787 1,314,837 1,116,126 1,071,887 838,626 970,762 564,196 +20.7 +29.7 +24.3 +58.1 -6.0 -18.4 +6.7 -3.6 +6.8 +9.4 +73.0 +21.5 +52.1 28,885,090 25,319,899 9,473,924 3,501,175 2,679,471 1,599,791 1 1,575,000 1,767.072 1,083,289 1,265,678 1,318,785 ' 1,035,401 971,284 25,658,894 21,927,145 6,385,663 1,944,938 2,347,563 1,486,347 1,468,189 1,244,342 976.988 994,083 980.059 85 917,702 11111.11.111. tow 70 131 800 h' "meiros +22.6 80,475,849 65,414,211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Transcript
INCLUDING
Bank and Quotation Section (Monthly)Railway and Industrial Section (Quarterly)
Randal
"Jr rudeState and City Section (Semi-AnnuallyElectric Railway Section (:J)
VOL. 88. SATURDAY, MARCH 20 1909. NO. 2282.
The Throuirle.PUBLISHED WEEKLY.
Terms of Subscription-Payable In AdvanceVor One Year $10 00For Six Months 6 00European Subscription (including postage) 13 00European Subscription six months (including postage) 7 50Annual Subscription in London (including postage) 12 148.Six Months Subscription in London (including postage) 21 118.Canadian Subscription (including postage) $11 50
Subscription includes following Supplements-
Ti NNK AND QUOTATION (monthly) I STATE AND CITY (semi-annually)RAILWAY AND INDuSTUIAL (quarterly) ELECTItic RAILWAY (3 times yearly)
Terms of Advertisind-Per Inch SpaceTransient matter per inch space (14 agate lines) $4 20
Standing Business Cards /
T:vom Months (8 i.imel Three Months (13 times S x onths (26 times Twelve Months (52 times)
22 0029 0050 0087 00
CHICAGO OFFICE-P. Bartlett, 513 Monadnock Block; Tel. Harrison 4012,LONDON OFFICE-Edwards & Smith, 1 Drapers' Gardens, E. C.
WILLIAM B. DANA. COMPANY, Publishers,P.O. Box 958. Front, Pine and Depeyeter Ste., New York.
Published every Saturday morninz by WILLIAM B. DANA COMPANYWilliam B. Dana, President; Jacob Seibert jr., Vice-Pres. and See.; ArnoldG. Dana, Treas. Addresses of all, Office of the Company.
CLEARING-HOUSE RETURNS.The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U. S.for week end. Mar. 0 have been $2,753,703,160, against $2,-631,299,196 last week and $2,368,347,619 the week last year.
Clearings-Return4 by Telegraph Mar. 20 1909. 1908. %-
New York $1,364,695,680 61,184,164,356 1-15.2Boston 127.296,799 104,834,485 +21.4Philadelphia 96,301,746 94,742,659 +11Baltimore 20,121,592 16,709.438 +20.4Chicago 221,058,247 193,675,676 +14.1St. Louis 57,030,872 50,'d26,328 +13.6New Orleans 13,929,674 13,925,655 +0.03
Seven cities, 5 days $1,900,434,610 $1,658;_78,579 +14.6Other cities, 5 days 416,268.341 331,497,6,2 +25.6
Total all cities, 5 days $2,316,702,951 $1,989,776,279 +16.4All cities, 1 day 437,000,209 378,571,340 +15-4
Total all cities for week 32,753,703,160 $2,268,347,619 +16,3
The full details for the week covered by the above will begiven next Saturday. We cannot furnish them to-day,clearings being made up by the clearing houses at noon onSaturday, and hence in the above the last day of the week hasto be in all cases estimated, as we go to press Friday night.We present below detailed figures for the week ending with
Saturday noon, March 13, for four years.
Clearings at
New York Philadelphia _ _ _Pittsburgh Baltimore Buffalo Washington _ _Albany Rochester Scranton Syracuse Reading Wilmington Wilkes-Barre _-Wheeling Harrisburg York Erie Greensburg Binghamton _ -Chester Altoona Franklin Trenton
Total Middle_ _
Boston Providence Hartford New Haven Springfield Portland Worcester Fall River New Bedford _Lowell Holyoke
Chicago Cincinnati Cleveland Detroit Milwaukee Indianapolis _ Columbus Toledo Peoria Grand Rapids_ _ .Dayton Evansville Kalamazoo Springfield, Ill Rockford Lexington Youngstown Fort Wayne ___ .Quincy Akron Bloomington_ Springfield, 0_ _ _South Bend Canton Decatur Jackson Mansfield Jacksonville, Ill,Ann Arbor Danville Adrian
Tot. Mid.West,
San Francisco_ _ _Los Angeles Seattle Portland Salt Lake City Spokane Tacoma Oakland Helena Sacramento Fargo Sioux Falls Stockton San Jose Billings San Diego Fresno North Yakima
Total Pacific_
Kansas City ___..Minneapolis Omaha St. Paul Denver St. Joseph Des Moines Sioux City Wichita Lincoln Davenport Topeka Cedar Rapids Colorado SpringsPueblo Fremont
Tot. oth.West
St. Louis New Orleans_ _ _ Louisville Houston Galveston Richmond Atlanta Memphis Savannah Nashville Fort Worth Norfolk Birmingham __Augusta -Jacksonville ___1,898,632Chattanooga _ -Knoxville -Mobile Little Rock Charleston Oklahoma Macon Beaumont Austin Vicksburg
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710 THE CHRONICLE raxxvirr.
OUR "RAILWAY EARNINGS" ISSUE.
We present to our subscribers to-day the second
number of our new monthly supplement, the "RailwayEarnings" Section. As noted by us when the firstnumber made its appearance on Feb. 20, all railroadsengaged in inter-State traffic are now obliged torender reports of their earnings and expenses eachmonth to the authorities at Washington. In thisnew publication we undertake to reproduce these re-turns for the benefit of our readers.
The magnitude of the task, we think, will be appar-
ent to every one, for in the "Railway Earnings" Sec-
tion we include every operating steam railroad in the
United States, big and little, which is required to file
these monthly returns with the Inter-State Commerce
Commission. Altogether there are over 800 roads,comprising an aggregate of more than 230,000 miles.The figures this time cover January and the sevenmonths of the fiscal year from July 1 to and includingJanuary. There are always some companies whichare behindhand, and where the January figures aremissing in any case we have inserted those for the verylatest previous month to be found in the public rec-ords. It should be understood that where our "Rail-way Earnings" Section does not give the Januarystatement the fault is not ours, but is due to the factthat the particular company has not as yet filed itsreport for that month. The roads are required tomake their returns in duplicate, and the duplicate isplaced in the public files as soon as received. Ourrepresentatives are in constant attendance and maketranscripts the moment the statements come to hand,and these transcripts are at once forwarded to us.Accordingly the present number of this publicationembraces all returns filed up to the hour of publica-tion.
As previously announced, with the passing of each
month a new number of the "Railway Earnings"Section appears, giving the new month's figures. Theissuance of this publication is in furtherance of thepolicy we have always pursued of devoting specialattention to reports of current earnings. In otherwords, the collecting and compiling of returns of earn-ings has been our specialty for forty years or more,and prior to the inauguration of these monthly reportsby the Inter-State Commerce Commission, we had suc-ceeded in covering about 90% of the entire railroadmileage of the country. Now that the Commissionhas opened the way for obtaining statements for all
the roads,we gladly avail of the opportunity and givethe reader the benefit of the additional service.
We wish to call attention to the fact that throughthe use of a more condensed type we have succeededin getting in some additional items in our tables thistime. Last month in the ,case of the expenditureswe showed separately only the expenses for mainte-
nance of way and structures and those for mainte-nance of equipment. We now are able to eve sep-arately also the transportation expenses and thetraffic expenses. With these additions, our compila-tions contain all the details of the returns as filed withthe Inter-State Commerce Commission, excepting onlyone small item of expenses and two very minor itemsof revenues. The items shown are: (1) the freightearnings, (2) the passenger earnings, (3) the totalearnings, (4) the expenses for maintenance of way
and structures, (5) the expenses for maintenance ofequipment, (6) the traffic expenses, (7) the transporta-tion expenses, (8) the total expenses, (9) the net earn-
ings, (10) the gross results from outside operations,(11) the net results from outside operations, (12) the
taxes, (13) the final net and (14) the miles of road.
In all cases comparison is furnished with the previous
year. We also give the figures for the fiscal year
to date as well as for the month.
It has been suggested that it would be well to have
the fixed charges also. Undoubtedly. But that item
of information is not required in these monthly re-turns. We shall be obliged to our subscribers if theywill point out any inaccuracies they may discover;
but we also ask their indulgence for any errors. Thetables in this new publication comprise 30 pages ofsolid statistical matter, and every type and every figurefrom beginning to end has to be changed with eachnew issue, making it almost impossible to avoid an
occasional mistake. At the same time we wish the
reader to know that when blunders occur the blame
does not always attach to us. It often happens that
the returns, as filed, are inaccurate.
As announced last month, the information in
"Railway Earnings" is intended to be entirely addi-
tional to what we have been furnishing in the past.
We shall continue to give in the columns of this
journal, from week to week, the same elaborate andcomprehensive figures of earnings that we have always
been publishing, and we shall also give the gross andnet earnings totals each week as received of the moreimportant of the roads reporting to the Commission.
In whatever form the returns come to hand, we shallmake room for them as in the past. If the figuresfurnished by the companies differ from those filed
with the Inter-State Commerce Commission, the
reader will understand that the basis of computation
is different.
The Inter-State Commission prepares monthly
summaries covering all the roads in the country.
These we have been unable to make room for in our
new publication, and accordingly print them here.They afford an idea of the magnitude of the railroadsystem of the United States. For the months from
July to October inclusive the totals are complete.
For the subsequent months, however, the summaries, it
will be observed, still remain more or less incomplete.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAR. 20 1909.] THE CHRONICLE 711
MONTHLY EARNINGS OF UNITED STATES RAILROADS.1908. JULY. 1907.Per Mile Ratio Per Mile Ratio
Amount. of Line. PerCt. Item. Amount. of Line. PerCt$ $ RAIL OPERATIONS. $ $
34,606,007 206 61 FINAL NET 198 Number of Returns___ _
167,492 Miles of Road
12 97 12 03
154 234 94
33,141,501 201 675,440,677 33 11
27,700,824 168 56 195
164,341
THE FINANCIAL SITUATION.The idea President Taft started off with in making
tariff legislation on this occasion the paramount sub-ject for consideration was, we think, the popularview for ensuring speedy action on a subject that iswidely disturbing general business. No doubt themore quickly tariff legislation could be disposed of,admitting it is wisely done, the greater would be thecorresponding gain to trade. It seemed, however, asif at the outset the Payne bill had proved a disappoint-ment. No disappointment ought to have been feltover a development which largely grew out of misun-derstandings of the measure itself.The changes in the tariff schedules had been so
largely kept secret as to add to the misunderstandingswhen the announcements were made. Attack con-sequently came from almost every industrial andfinancial interest. Even lack of prospective revenuewas made a serious defect, and would be if not corrected;the sale of long-term bonds would necessarily lead tolarge increases in national bank notes on a marketwhere there is no demand for them;. bonds can only209,852,055 926 29 100.00 Total Gross Earnings.. 217,465,144 979 13 100.00
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/12 THE CHRONICLE [VoL. Lxxxvm.
be floated by using them as a fresh basis for currency,increasing our already redundant paper money, which inturn could, if used, not fail to give further impulse tothe outflow of gold, already so freely under way. Butthese and the hundreds of other defects now being.specified daily will of course be largely modified andadjusted after weeks of discussion. We have as yet.only entered upon the initial steps.
This week's engagements of American gold coin forArgentina, amounting to 23/b millions—together withthose shipments which have preceded this • week'sconsignments—make an aggregate since the beginningof the year of more than 21 millions. That metalhas gone forward from New York on London account.That is to say, the indebtedness of London, as theworld's clearing house, to Argentina, incident toimports of Argentine wheat by Europe and also topay for Argentine securities negotiated by that coun-try at European centres, is being settled throughthe indirect shipments by London of gold via thiscentre to Argentina instead of London effecting suchsettlements by the direct transmission of gold fromthe British capital to Argentina.There were good reasons why this method of indirect
settlement by London of its Argentine indebtednesswas preferred to adjustments by direct remittance.One reason was that American gold coin was thecheapest form of metal remittance; the coin is pro-curable under normal conditions, when it is readilyavailable in the London bullion market, at a priceabout 13' pence per ounce, or 3 cents per poundsterling below that of bars. When this year's Londonremittances to Argentina via New York began, how-ever, it was regarded as highly probable that therequired volume of remittance would be so large as toexhaust the supply of American gold coin in the Lon-don market, cause an advance in the market price ofthe coin and thus defeat the plan of the Londonbankers to procure cheap metal remittance for theArgentine settlements. European sources of supplyfor American coin could not be relied upon, for stocksof this form of the metal were only moderate and anattempt to buy the coin on the Continent would mostassuredly have a tendency to advance the price.
There was, however, an abundant supply of freegold in New York which could be obtained through thesimple process of the exchange of United States notesor gold certificates at the Treasury for coin; the ex-changes at New York on London were favorable to thesuccess of the plan for procuring metal remittance fromLondon via New York to Argentina, and the planseemed not only entirely feasible but most likely profit-able to the remitters. Moreover, Argentina, while itwas eager to obtain gold, gave preference to coin in-stead of to other forms of the metal; the coin couldalways be made profitably available for internal or forintra-national exchanges between Argentina and con-tiguous countries which like itself used either silver orpaper as the principal currency, gold, therefore,commanding a premium, and so long as the abrasionof the coin was not excessive, it was accepted at itstale value. In the process of indirect remittancefrom London to Argentina via New York, Londoncanceled its indebtedness to its South American cred-itor; New York satisfied its obligations to London,which otherwise would have been met either with
exchange or with gold, and Argentina received pay-ment for its grain or securities or other evidences ofdebt, which payment was effected with the kind ofmoney that was most acceptable.Regarding the recently-negotiated 50-million-dollar
5% Argentine loan, the fact is stated that its success"marks a definite stage in the advance of Argentinecredit in the estimation of European investors."Nearly twenty years ago the Argentine Governmentbecame embarrassed in its finances and conferencesbetween bondholders and the Government resultedin the reduction of the rate of interest on the externaldebt at a fixed date. The punctual redemption by thesinking fund and the anticipation of the payment ofthe full interest by a year disarmed much of the criti-cism provoked by the default. Since then, over tenyears ago, the credit of Argentina has steadily risen.Before the addition of 50 million dollars to the debtby the above issue the debt appears to have been378 millions.
It is reported as a singular circumstance that the$1,500,000 gold bars that were shipped from New Yorkto London March 9—which caused much surprise byreason of the fact that computations of factors con-tributing to such movement failed to indicate a profit.on the transaction—proved to have been consigned tothe London correspondent of the consignor instead of,as is customary with similar exports, to the Bank ofEngland. This correspondent is said to have pursuedthis course in accordance with its new policy of itselfcarrying a special reserve of gold, which policy hasbeen urged for adoption by London joint-stock banksin order to avoid dependence entirely upon the Bankof England. Possibly, it is suggested, other joint-stock institutions in London may also adopt suchpolicy, in which case, while exchange conditions shall
be favorable, there maybe direct importations by these
banks of gold bars and coin for reserve purposes.
Such movement is now in active progress. It is en-
couraged by offers by New York banks to their London
ccirrespondents to supply them, instead of with more or
less abraded coin, with absolutely freshly-minted coin
hot off the shovel for this purpose.
On many occasions at intervals the London joint-
stock banks have been subjected to more or less severecriticism for their neglect or refusal to comply withwhat is claimed to be a reasonable requirement, thatthey shall maintain in their own vaults an adequatereserve instead of relying upon that of the Bank ofEngland. Various excuses have been made from timeto time by these banks for their failure to comply withthis suggestion, but it has been unheeded except bya few of the banks. The matter seems now to havebeen taken up by the British Government, at the in-sistence of the 13anking and Currency Commission ofthe Association of Chambers of Commerce of theUnited Kingdom. It seems probable, therefore, thatunless measures shall be taken to accumulate suchreserve, the necessary legislation will be invoked. If,as the result of this action by the Government, thejoint-stock banks shall generally comply with thereserve requirement, they will doubtless obtain thegold in the cheapest market; if American gold coinshall be acceptable in satisfaction of the demand, itwill be selected. Therefore, it seems quite conceivablethat the imports of American gold coin and $1,500,000bars which were effected March 9 by one of the London
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MAR. 20 1909.j THE CHRONICLE 713
joint-stock banks, if they were made to comply with
reserve requirements, will be followed by other im-
ports for a like purpose by other London joint-stock
banks; indeed some of these institutions are now
bidding for our gold coin.
The official statement of our foreign trade for Feb-
ruary 1909, issued this week, shows, as have prac-
tically all statements for the last twelve months, a
contraction of the outward movement of goods as
compared with the like period of the previous year.
In fact, during the twelve-month interval (March 1908
to February 1909 inclusive) the result for September
alone was greater than in the preceding year, and that
due solely to a freer movement of cotton. On the
other hand, since business conditions here have given
evidence of improvement, exports have still continued
below normal, while the inflow of commodities has
been upon an augmenting scale, exhibiting the last
three months gains over the corresponding periods a
year ago. This increasing import movement is the
special feature in our current foreign trade statement.
As to the value of the merchandise shipments, it
continued low ($126,036,204), showing a decrease
from February of 1908 of 413% million dollars anddeclines from 1907 and 1906 of respectively 333jmillions and 153% millions. Of the February 1909export total, 633% millions of dollars, as pointed outlast week, was accounted for by breadstuffs, pro-visions, cotton, oil and cattle, leaving 62X millions
to represent the outflow of other articles of commerce.This latter total contrasts with about 73 millions in
February 1908, and furthermore is smaller than for
any month since July 1905, when the aggregate was
613% millions. For the two months of the calendar
year 1909 the total merchandise exports reached only
$282,720,414, or a loss of 91 millions from 1908, and
for the eight months of the fiscal year 1908-09 the
aggregate at $1,157,758,148 exhibits a decrease from
the period of 1907-08 of over 200 millions.Imports of merchandise, on the contrary, have
recently been increasing, and for February 1909 were
not only appreciably greater than in the month of
1908, but only 4 1-3 millions less than the record for
the period made in 1907. It is also to be noted that
this year's total for February was in excess of that
for January. No special significance, however, at-
taches to that fact, as it is not an unusual occurrence
notwithstanding the smaller number of days covered.The same situation was disclosed in 1905 and 1904,
and in 1908, 1907 and 1906 the longer month was in
excess of the shorter, but to only a slight extent. It
is not possible, of course, at this early date to statespecifically the extent in which leading commodities
have shared in this year's expansion. But such infor-
mation as we have indicates that it has been quite
general, with luxuries in particular receiving increased
attention. The inward movement of all classes of
goods covered a value of $118,635,807, the largest
total since August 1907 and 34 millions greater than
February 1908. For the two months of the calendar
year the imports of commodities aggregated $222,-
243,418, or a gain of 52M millions over the restricted
movement of the period in 1908 and -27y1 millions
less than for the like interval of 1907, which, by the
way, was the record January-February total and,
moreover, the only one greater than that of the current
year. For the eight months of the fiscal year 1908-09
the imports totaled $816,252,350, comparing with
$841,641,802 in 1907-08 and $932,734,859 in 1906-07.
The net result of our February foreign trade is con-
sequently a balance of merchandise exports of only
$7,400,397, which contrasts with a similar balance of
$83,004,381 in 1908 and $36,511,538 in 1907. More-
over, only once since 1895 has the February export
balance been so low, and that in 1905 when it reachedbut 33% millions. The favorable balance for the twomonths of the calendar year, at $60,476,996, is alsocomparatively meagre, contrasting as it does with204 millions in 1908, and showing important decreasesfrom most earlier years back to 1896. The eight
months' balance at $341,505,798 is 174 millions below
that for 1908 and 15 millions smaller than for 1907.Gold exports for the month were $8,860,814, against
$1,967,597 in February 1908; for the two months they
reached $16,725,170, against $2,411,797 last year,and for the eight months of the fiscal year 1908-09
aggregated $44,423,651, against $21,326,746 in 1907-08. Gold imports totaled $3,576,413 in February
this year, $6,996,596 for the two months and $30,-
864,993 for the eight months of the fiscal year 1908-09,
against $2,847,133 in the month last year, $13,646,617
for the two months and $135,576,042 for the eight
months. It follows, therefore, that on balance we
exported net $13,558,658 in the eight months ended
Feb. 28 1909, whereas in the corresponding period
of 1907-08 the net imports reached $114,249,296.
Grain markets are beginning to reflect crop influ-
ences. Last week they were adversely influenced by
the official report on stocks of cereals in farmers'
hands on March 1 1909, which reached results quite
generally in excess of current belief and caused a de-
cline in prices. Before the week's close, however,
not only had the decline been fully recovered, but in
wheat a level of quotations higher than those prevailing
before the issuance of the stock report was reached,
export demand assisting. The current week the nota-
ble influence has been the weather in theUnited States,
and with the opinion prevalent that prospects for an
early spring are fairly favorable, giving promise that
last fall's poor start will be largely recovered from, an
easier feeling in the market is in evidence. As the sit-
uation now is, the outlook is considered to be rather
encouraging for winter grains. Last fall's seeding of
both wheat and rye in the United States was less than in
the previous year, according to the Department of Agri-
culture, but no official reports of condition were then
or have since been, and will not be, available until next
month. Reliable private advices, however, and espec-
ially those secured by the Cincinnati "Price Current,"
indicate a fairly promising outlook. Ample moisture
and absence of alternate freezing and thawing thus far
are mentioned as encouraging features in the winter-
wheat situation. Condition is, of course, not uni-
formly promising now; but where the outlook is at
present unsatisfactory the opinion is that with future
good weather decided improvement is likely. Much
hinges of course on the weather during the remainder of
March, and with that favorable a fairly good crop is
anticipated. As an incident of the season, it is stated
that in sections of Ohio and Indiana, where the drought
was especially severe last fall, improvement in con-
dition has been much greater than could have reason,
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714 THE CHRONICLE [VOL. =XVII f.
ably been expected. From the large amount of plow-ing reported as having been accomplished in almost allsections during the winter, an enlargement of cornarea is expected this spring.The crop situation abroad is in many respects also
fairly promising. Some damage to wheat by floodsor climatic changes is reported from Germany andHungary, and the weather has caused anxiety to farm-ers in France. From Great Britain, Belgium, Holland,Spain, Italy, Roumania and Russia, however, advicesare favorable on the whole. Rain has been of ma-terial benefit to corn in Argentina, and, barring unfore-seen occurrences, a bumper crop of that cereal is lookedfor in that country. The oats crop there is also statedas of record proportions, and the wheat yield onlyexceeded by last year's phenomenal product. Ac-counts from India have also improved since the rainsof late February, and a satisfactory wheat crop is nowconsidered probable. A tendency to increase esti-mates of the harvest now drawing to a close in Aus-tralia is now reported. Taken altogether, the outlookat home and abroad at the moment seems to affordno reason for discouragement.
Little or nothing has been publicly heard, in aconsiderable time, of a competing telephone service inthis city. When one thinks soberly about it, it iseasy to see that a telephone is, naturally, a monopoly;but as an offset to the exaggerated hatefulness of thatmuch misused term should be noted the fact that thetelephone has to work in competition, so to speak,with itself and with the commercial and social growthof the city. It must not only serve existing customerswell; it must keep pace with growth by additionalplants provided, including new exchanges, some ofthe latter being subdivided as they become unwork-ably large. We think it would be safe to say that thetelephone people are intensely absorbed in their ownproblems of present and growing service; that theyfind this severe enough for their time and energy,and have none of either to expend upon outside sub-jects.In the great office buildings (not to count the wires
and other plant involved in reaching those) the milesof wire employed run from 230 to 750, the latter beingthe number to be in the Hudson Terminal when fullycompleted. The number of instruments employedrange from 1,300 to over 3,000; in five of the largestof these structures 2,300 miles of wire and nearly10,000 instruments are or soon will be used, and thereare many cities of considerable size in which, it issaid, not so many miles of wire and not so many instru-ments are used as in a single one of these huge build-ings. These buildings, of course, are only one portion,although a notable portion, for purposes of illustrationof the total telephone service of this city.Being wise in the business, the telephone people seek
by advertisement to keep in better touch with thepublic. In 1879, they say, the city telephone "book"consisted of a small card, containing the names of the252 subscribers then served; the directory, re-issuedevery few months, has now grown to a book of 580pages, containing nearly 250,000 names, and servinga very good purpose as a business directory inciden-tally. The regular edition of 400,000 copies, laid onone another singly, would make a column six mileshigh, overtopping by a half-mile the highest mountain
on the globe. This is their statement, to illustratethe magnitude of the business.
• It is not done with absolute satisfaction to all users;what business is? While men live and breathe, theycan and will complain. The telephone servants arenot utterly faultless; but users of the service aresometimes hasty and unreasonable. On the whole, itwould be hard to name any public service whichfurnishes so little occasion for complaint, either justor unjust.These remarks are suggested by the expected propo-
sition at Albany to bring the telegraph and telephonealso under the Public Service Commission. Consis-tency and uniformity are the only reasons yet cited;due deference to those excellent qualities requires (tothe minds of persons who believe it) that five menwho have already undertaken to manage nearly theentire State should have added to their load the careof businesses which seem to be now working to generalsatisfaction. What is not done with superhumanperfection when under charge of persons who give ittheir entire time will be more perfect, we are asked tosuppose, when put on the shoulders of a few whoare already charged with all physical transportation.
The bank statement of last week was almost feature-less, with comparatively slight changes in the principalitems and small gains in the surplus reserve. Averageloans decreased $7,278,700; the reduction in actualloans was $3,227,000. Average deposits decreased$8,801,900; according to the statement of actual con-ditions, the decrease was $4,204,800. Average cashwas reduced $529,700; the actual decrease was $46,800.The average reserve was augmented $1,670,775, to$13,452,950; according to the statement of actual con-ditions, the reserve was increased $1,004,400,to $13,-397,325, and, computed upon the basis of depositsless those of $2,434,100 public funds, the surplus was$14,005,850.
Stock speculation was in small volume during thegreater part of the week, and therefore there was buta moderate demand for money either on call or on time.Interest quite generally centered upon tariff revision;while the schedules were undisclosed by the Com-mittee, there was uncertainty, and when the detailsof proposed changes were announced, they were re-garded as likely to provoke such opposition as to maketheir adoption improbable without material amendment.In any event discussion would be prolonged and thefinal result not be obtained perhaps until midsummer.
Money on call, representing bank and trust com-pany balances, loaned at the Stock Exchange duringthe week at 2% and at 1%%, averaging about 134%;this minimum was quoted by all lenders. Time loanson Stock Exchange collateral are practically unchangedcompared with last week. Lenders are said to bereluctant to press their offerings of short-date funds'in view of the pendency of influences, such as theApril settlements, which Will tend toward higher rates;there is, too, the possibility of firmer money as theresult of continued shipments of gold, though suchtendency may be only temporary if it shall contributeto arrest the outflow of the metal. Moreover, anotherinfluence that is expected to be exerted upon themarket for time loans is preparation for the contem-plated issue of large amounts of railroad stocks and
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MAR. 20 1909.] THE CHRONICLE 715
bonds for improvements, extensions and betterments,
which will probably go far to absorb floating supplies
of capital. Hopes are entertained that speculation
will be more active now that the tariff-revision scheme
has been announced; while it is being discussed,it will
most likely afford opportunity for speculative manipu-
lation, which will impart a certain degree of activity
to the market. Time contracts on good mixed Stock
Exchange collateral are quoted at 23.1@2%% for sixty
4 8815 and 5 points higher for cables at 4 8835(4)4 8845. On Monday long rose 15 points to 4 8615@,4 8620, short 5 points to 4 8815(4)4 8820 and cables10 points to 4 8845@4 8850. On Tuesday long was5 points higher at 4 8620(0 8625, short 5 pointsat 4 8820@)4 8825, while cables were unchanged.On Wednesday long fell 10 points to 4 8610(0 8615;short was unchanged and cables were 5 points higherat 4 8850(0 8855. On Thursday long was 10 pointshigher at 4 8615@4 8625, short 10 points at 4 8825@4 8835 and cables 15 points at 4 8855(0 8870. On
Friday long rose 15 points and cables 10 points andthe tone was strong.The following shows •daily posted rates for sterling
Merchants' Bank 560 days 4 8634 8654 8634 8634 8634 8634of Canada 1SIght_ 4 89 89 89 89 89 89
Rates for exchange on Friday were 4 8630@4 8640for long, 4 8825(4)4 8835 for short and 4 8865@,4 8875for cables. Commercial on banks 4 8590(4)4 86 and.documents for payment 4 85(0 863/8. Cotton for
payment 4853(0853, cotton for acceptance 48590
@,4 86 and grain for payment 4 86@4 863,.
The following gives the week's movement of mone.yto and from the interior by the New York banks.
Week ending Mch. 19 1909.,
Received byN. Y. Banks.
Shipped byN. Y. Banks.
Net InteriorMovement.
Currency $8,147,000 $3,763,000 Gain 64,384,000
Gold 1,646,000 608,000 Gain 1,038,000
Total gold and legal tenders $9,793,000 $4,371,000 Gain $5,422,000
With the Sub-Treasury operations And gold exportsthe result is as follows.
Week ending Mch. 19 1909.Into
Banks,Out ofBanks.
Net Chhnge inBank •Holdings.
Banks interior movement, as above_ $9,793,000 $4,371,000 Gain $5,422,000
Sub-Treas. oper. and gold exports__ 37,400,000 40,619,000 Loss 3,219,000
Total gold and legal tenders $47,193:000 $44 ,99 0.000 Gain $2,203,000
The following table indicates the amount of bullion
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716 THE CHRONICLE Lxxxvin.
THE "HOUSE RULES."Contrary to the expectation of a good many people,
the first act of the new Congress, convened in extrasession last Monday, was not to take up the tariff,but to indulge in what might easily have been a verymemorable struggle over the rules and the power ofthe Speaker. Of the week's incidents in connectionwith the new tariff bill we defer any lengthy noticeto another occasion. It is worth while to reviev. thereally interesting question involved in the earlier andminor contest.
Originally there is no doubt that the clash in thedominant party converged on the Speakership itself.Mr. Cannon, through some rather arbitrary policiespursued by him, especially toward the younger andnewer members of the House, had made himself dis-tasteful to a portion of his own party's membership.When, however, the question was canvassed as topresenting other names in opposition to Mr. Cannon,it became evident, long before the assembling of Con-gress, that the thing was impracticable. On thequestion of the rules of Congress no obstacle existedin the way of combination between the insurgents andthe Democrats. The House of Representatives,under the• Constitution, is empowered to "determinethe rules of its proceedings." This being a new Con-gress, its first duty naturally was to decide under whatrules its deliberations should be conducted. In ac-cordance with the usual practice, Mr. Dalzell movedthe re-adoption of the rules of the previous Congress,and demanded the previous question on his resolution.The previous question was first ordered by a vote of194 to 188; then, much to the surprise of bothparties, the resolution itself was voted down by193 to 189.
This gave the insurgents the chance to bring theirparticular program forward, and RepresentativeClark, their leader, presented a resolution providingthat in the special session the rules of the previousHouse should be continued, but that in the regular ses-sion convened next December the Speaker shouldbe empowered to name at the start only the Ways andMeans Committee, the Committee on Enrolled Billsand the Committee on Printing and Mileage; furtherprovision then being made in the resolution for a newcommittee of fifteen to draw up rules for the newHouse. The members of this proposed committeewere stated in the resolution, thus preventing thepossible selection by the Speaker of his own sympa-thizers. Of the names set down in the resolution,five were organization Republicans, five were insur-gents and five were Democrats. Moving, as usual,the previous question on his resolution, a second sur-prise was encountered by the defeat of such motionthrough a vote of 203 to 179. Before the meaning ofthis vote was clear, even to the House itself, Repre-sentative Fitzgerald of New York moved to strike outall of the Clark. resolution after the enacting clause,substituting another resolution which should providefor a few routine and minor changes in the rules, theonly important one of which was a rule providing thatthe regular order of bills on the weekly calendar dayshould be set aside only by a two-thirds' vote. Thisamendment, which practically broke down the pro-gram of the insurgents, was then adopted by a vote of211 to 172.
Meantime, the majority of outsiders are consider-ably in the dark as to just what all this contest means.That the movement to change or modify the rules wasprovoked by Speaker Cannon's despotic rule of thepreceding session, every one understands. But peopleacquainted with parliamentary law in general, andwith the proceedings of Congress in particular, areaware that abuses of this sort—if they actually areabuses—are a question less of the language of therules than of the manner of interpreting them. Theinsurgents very largely drew their strength from newmembers of the House who had been unable to obtainthe chance, to which they felt themselves entitled, forspeaking on various motions and for calling up theirfavorite resolutions. Now, there can be no doubtthat great injustice may be perpetrated by a Speakerwho construes and exacts the rules unjustly. We areunable for ourselves, however, to conceive of any ruleor rules which could actually deprive the Speaker,under our American practice, of such power. Norule could possibly be contrived which would forcethe Speaker of the House to see and recognize, in aCongressional debate, a member whom he does notchoose to recognize. But this is only to say, as wehave already said, that the real question is, not whatare to be the rules, but who is to be the Speaker, andon the second of these questions the House had madeits decision before the struggle over the rules began.
Furthermore, it is the teaching, not of our ownlegislative experience only, but of the experience of allother parliamentary bodies, that in order to avertlegislative chaos, the rules of a popular assembly mustbe drastic and far-reaching. That every member ofso large a body as our House of Representatives shouldbe heard in debate as often as he chooses would beutterly out of the question. It would reduce thedeliberations of our Congress to much the same con-ditions as the deliberations of the first and secondRussian Doumas. When to this is added the enormousmultitude of bills proposed in a Congress representingso widespread and varied interests, sectional and other-wise, as does our own, the problem of effecting evennecessary legislation certainly does not become lessperplexing, and it certainly could not be solved saveby adopting such a code of rules as circumstances andexperience have led the House in its previous sessionsto adopt.We imagine that what people have had in mind, in
the feelingthat some gross abuse had been perpetratedthrough the rules to which the insurgents made ob-jection, was the episode of 1890. Mr. Thomas B.Reed had then been elected Speaker. There was anarrow Republican majority and a bitter conflictover numerous impending plans of legislation, and theautocratic power assumed and exercised by Mr. Reedchallenged bitter and widespread criticism, amongnot only home but foreign observers. Yet even ofthe celebrated contest of 1890 it must be said that ithad far less to do with the composition of the rulesthan with the manner of exercising them.
In the first place, Congress actually went on legis-lating, during the first two months of its openingsession, without any rules at all, and within thatperiod not only were certain contested election casessettled, but an important customs administrative Actwas passed. Since a parliamentary body with no rulesis necessarily wholly subject to its presiding officers,
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MAR. 20 1909.1 THE CHRONICLE 717
Mr. Reed became ipso facto absolute ruler of the
House. This rule he exercised in a manner not very
often attempted in a deliberative assemblage—re-fusing, for example, to admit that a quorum had been
broken when the minority members of the House
withdrew out of protest, and when not, enough of
the majority were left to constitute the usually ac-
cepted quorum. It is not strange that assumption of
power in such shape should have added greatly to the
bitter feeling of the day.Yet when, in February 1890, the new rules were
eventually passed, they turned out to be, with two
exceptions, precisely the same as under the preced-
ing Congress—those two exceptions being the
granting of authority to the Speaker to count for pur-
poses of a quorum members present but not responding
to their names, and to refuse to entertain motions
which, in his judgment, were offered merely for dila-
tory purposes. There was much dispute as to the
wisdom or propriety of these innovations, and a good
deal of feeling over the way in which the Speaker
used the power thus conferred. But the fact remains
that the body of the rules as adopted in the Congressof 1890 has been reaffirmed by every subsequentHouse of Representatives, and that they are virtuallyreaffirmed by the present House. In our judgment,even the committee of fifteen proposed by the in-surgents would in the end have been compelled torepeat pretty much their substance. The problem ofthe Speakership is no doubt a serious difficulty inAmerican legislation. It is a difficulty which admits,we imagine, of no direct solution so long as the Speaker
of the House remains the direct appointee and agent
of a single political party. The English, wiser than
ourselves in that regard, and taught by a long ex-
perience the necessity of a completely impartial
presiding officer in Parliament, have created a perma-nent office of great dignity in the Speakership, whoseincumbent is supposed, from the moment of his entryon that office, to discard all political prejudices andsympathy. That such a change is to be anticipatedin our own parliamentary system, we should scarcely
venture to predict.
EGYPT AND ITS INCREASED COTTONPRODUCTION.
The opening of the barrage or dam at Esneh, inEgypt, on Feb. 9 has drawn renewed attention toEgypt as a source of increasing cotton supply in comingyears. The development of that staple in Egyptbeing wholly dependent upon the water supply fromthe river Nile, much interest attaches to the progressof the work instituted to conserve and control thatsupply and which was recently completed. Frofntime immemorial the narrow strip of land along theNile Valley was rendered very productive by depositsof rich mud left by the river when in flood, the size ofthe crops produced varying with the extent of theflood. It thus happened that there was wide variationin the cotton yield of Egypt from year to year. With-out going back too far or too fully into this phase ofthe subject, it should be sufficient to point out thatwhile in 1875-76 the product was 2,928,498 cantars(a cantar is 99 pounds), and dropped to 1,683,749cantars in 1878-79, it rose again to 3,198,800 cantarsin 1879-80. These variations were, of course, ascriba-ble to river conditions and were impossible to foresee.
It remained for the insufficient flood of 1888 to directthe attention of English engineers to the problem of
controlling the waters of the river and thus, through
irrigation, extend the area of productive soil. Howwell they have succeeded is amply attested by the out-put of crops of recent years.The plans of the engineers comprehended the con-
struction of a large reservoir at Assuan, 750 miles fromthe sea, and a series of three barrages—at Esneh, 110miles below Assuan; at Assiout, 230 miles further down,and at Zifta, on one arm of the Nile delta. The lastof these upon which work was begun was the barrageat Esneh—a construction starting after the flood of1906 with expectation that it would be completed latein 1910. But, contrary to the quite general experi-ence with public works, it was finished 18 monthsahead of the contract time. As evidencing the im-
portance of this final piece of work and in fact of thewhole irrigation scheme, we cannot do better than referin effect to the remarks of Ismail Sirrey Pasha, Ministerof Public Works, at the opening ceremonies. He
pointed out that the province of Keneh, in which
Esneh is situated, has, up to the present, been abso-
lutely dependent upon the height attained by the Nileflood, and in years of low level the land has been ex-
posed to the worst calamities of drought. The workaccomplished up to 1899, he said, had reduced thearea that could not be irrigated from 250,000 feddans(approximately acres) in 1877 to 80,000 feddans inthe later year. The opening of the Esneh barragewould not only have the effect of preventing the re-currence of "sharaki" lands in Keneh, even in yearsof lowest floods, but will permit of the better irriga-tion of the 350,000 feddans of cultivated land situatedwithin the radius of its direct action."Sharaki" is an Arabic word and signifies such land
as can only be used for the raising of winter cropsowing to the lack of irrigation during the dry months.Since the institution of the Esneh barrage, however,
much land which formerly was "sharaki" will now
be supplied with water, so that it may be used'for the
cultivation of cotton.It is of course hard to estimate the ultimate benefit
to Egypt of the irrigation work the completion of these
various dams or barriers will work, not only in thematter of cotton production, but in the raising ofgrain and sugar. We have seen that from a total
product of 2,931,691 cantars in 1886-87 the cotton
crop advanced to 5,879,750 cantars in 1896-97 and
6,949,783 cantars in 1906-07, and in the latest season
(1907-08) was 7,234,669 cantars. Furthermore, ac-
cording to competent authorities, a further important
gain is to be expected. In fact, Lord- Cromer, former
British Commissioner in Egypt, and one of the men
best versed in the affairs of that country, does .notconsider 10,000,000 cantars (equal to about 2,000,000bales of 500 lbs. each) an impossible figure. Even
greater extension of the Egyptian cotton crop is possi-ble through the reclamation of the lakes in Lower
Egypt and the development of the oases. The former
is reported to be an especial project of the Khedive,
and if carried out would add about 750,000 feddans
to the cultivated area and probably about 300,000
bales of 500 lbs. each to the crop. The work of recla-
mation, however, it is currently reported, will not beundertaken until the addition to the Assuan Dam isfinished, in 1912. Then over twice as much Nile water
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718 THE CHRONICLE .Lxxxvm.
as at present will be held up, and there will be .summerwater enough to irrigate this large tract. There is noway of estimating the outcome from development ofthe oases. The success that has attended the irriga-tion plans lately completed should at any rate lendimpetus to further plans for developing the agriculturalresources of Egypt.
As regards the current year's cotton planting inEgypt, the general impression is that there will be areduction in acreage, as a considerable area in LowerEgypt is to be diverted from cotton to cereals. InUpper Egypt also a smaller planting of cotton is be-lived to be likely, owing to the revival of sugar-cane
• planting. The reduction in area, it is stated, however,will not necessarily mean a corresponding diminutionin yield, as the Government has practically resolvedto take over the supervision of the crop this year.This, it is thought,:will mean an intelligent fighting ofthe cotton pest, and consequently a much smallerloss in yield through it than was occasioned last year.
THE NEW YORK CENTRAL IN A YEAR OFDEPRESSION. •
Like the other railroads of the country, the NewYork Central had trying conditions to contend withduring the calendar year 1908, the period covered bythe present annual report. With that fact in mind,the results disclosed must be regarded as eminentlysatisfactory. In a measure the years immediatelypreceding were trying ones, too, but in a different way.In these years operating cost kept steadily Mountingup until a point was reached where the large expansionin business which occurred year by year simply addedto gross revenues without bringing any increase in thenet. This means that the company was netting noreturn on the large extra capital investment in theshape of new stock and debt which it had been obligedto make to provide the increased facilities to handlethe larger volume of traffic.In reviewing the report for 1907, we expressed the
situation in a graphic way by pointing out that in thethree years from 1904 to 1907 gross earnings had risenalmost $20,000,000, bringing them close to the$100,000,000 mark—that is, had increased from$78,573,208 to $98,369,059—but the net revenues,even after cutting out entirely in 1907 the specialappropriations for new construction and equipment,had remained practically stationary, having been for1907 $22,565,725 and for 1904 $22,450,823.In 1908 the situation was exactly reversed. Rail-
road properties and railway management were againput to the test, and a very crucial test it was; butthis time the difficulty, arose from extreme depressionin trade and a resulting collapse in the volume ofrailroad transportation service to be rendered. , Pre-viously the railroads had had more business than theycould handle. with 'due economy. Now they did nothave enough. On the other hand, there was anamelioration of the adverse conditions under whichrailroad operations had previously been conducted.It is an ill wind that blows no good to any one, and inthis instance the falling off in traffic brought with ita compensating advantage in the fact that the railroadswere able once more to. get control of their expenseaccounts, The railroad manager again came to hisown and was given a chance to demonstrate what
could be accomplished by efficiency in operationswhen there were no abnormal obstacles to overcome.Prior to this his efforts in that direction had countedfor little or nothing.
All this is equivalent to saying that where previouslyit was impossible to prevent enormous increases in theexpenses, now the Central management succeeded ineffecting a noteworthy decrease in the same. Thedistinctive feature, therefore, in the results for 1908 isnot alone the shrinkage in tonnage and in grossrevenues, which was of large magnitude, but thecoincident great saving effected in the expenses. Inthe present article we shall confine ourselves entirelyto the Central proper, without including any of thesubsidiary lines, like the Michigan Central, the LakeShore, the "Big Four," the Pittsburgh & Lake Erie,the Rutland, &c., which, together with the Centralitself, make up what is known as the New York CentralSystem. The totals for the whole system are not yetavailable. When received they will surely be foundinteresting and instructive. With them in our pos-session it will be possible to see whether the policy ofretrenchment and economy and efficiency in opera-tions observable in the case of the Central proper hasextended in the same manner and degree to other partsof the system. For the present the chief feature isthat gross earnings on the Central itself were reduced$9,519,691 (the gross falling from $98,369,059 in 1907to $88,849,367 in 1908), but that this was attendedby a diminution of $10,384,249 in the expenses, thusyielding an actual gain in net of $864,557. It isproper to say here that in presenting the figures for1908 the managers have continued the old system ofclassification and accounting, instead of showing theresults according to the Inter-State Commerce methods.This was done so as to have correct comparisons withthe preceding year. In the 1909 report the resultsfor both years will be on the Inter-State Commercebasis. The monthly returns have already beenchanged to conform to the new method.When the expense accounts are closely scrutinized,
the process by which retrenchment was accomplishedis made very plain. The bulk of the reduction in ex-penses is found under the head of "Conducting Trans-portation," where efficiency and good managementcount for most. Of the total decrease of $10,384,249in expenses, cost of conducting transportation is re-sponsible for $7,236,547, the amount spent in this wayhaving been reduced from $45,995,903 in 1907 to$38,759,355 in 1908. In one direction it was notpossible to attain as high a degree of efficiency as inother years, as is evident from the fact that the aver-age train-load, including company freight, was only441 tons in 1908, as against 481 tons. Of course theirregularity in traffic movements occasioned by thedwindling in the volume of tonnage was responsiblefor the smaller train-load. Nor was there any decreasein wages. The improvement was effected in another;way: there was a reduction in the force of employees.Moreover, railroad labor being in over-supply, it wasamenable to more careful supervision and stricterdiscipline, improving the service and at the same timereducing the cost of the same. There was some saving,also, through the circumstance that fewer foreign carswere in service (the traffic being light) and that theper diem charge for the use of foreign cars was re-duced.
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MAR. 20 1909. THE CHRONICLE 719
In expenditures for "Maintenance of Way and
Structures" there was a saving of $1,693,762. This
was distributed quite generally through the various
accounts. The expense for renewal of rails was but
slightly below that of the previous year and the
charges for renewal of ties increased. Broadly speak-
ing the property was well cared for. In Maintenance
of Equipment there was a decrease of $1,403,347.
Under this head the various repair items show large
decreases, but this does not imply skimping, it being
due to the fact that so many of the cars and locomo-
tives were idle and therefore were not in need of
repairs. Altogether the circumstance that it was
found possible to reduce expenses without impairing
the physical standard of the property is one of the
gratifying features in the report.We have stated that net earnings as compared with
the preceding year had increased $864,557, but this
refers entirely to the results from transportation ser-
vices. In the income from investments there was a
noteworthy contraction, reflecting the diminished
profits of the subsidiary lines in the stock of which the
Central has large holdings. For instance the Lake
Shore paid only 12% dividends in 1908, against 14%in 1907, and the Michigan Central paid only 6%,against 8%. In the aggregate the loss in incomefrom investments was $1,104,972. Owing to thisdiminution the final net earnings were $240,414smaller than in 1907. The loss came concurrentlywith an increase of $1,767,537 in fixed charges. Lestany one imagine that this increase in fixed chargesrepresents entirely or chiefly a larger call for intereston outstanding obligations we hasten to say that thebiggest single item in this increase is an addition of
$973,090 to the taxes paid on real estate, which taxes
rose from $2,180,248 in 1907 to $3,153,338 in 1908.The loss in net combined with the increase in charges
necessitated a reduction in the dividends on Centralstock from 6% in 1907 to 5% in 1908. Over andabove the requirements for the 5% dividends, asurplusof $144,276 remains on the operations of the twelvemonths—which is obviously not bad for such a periodas 1908 was. We notice that in the profit and lossaccount some large items have been charged off againstaccumulated surplus income. One item in particularis the $1,495,000 discount on account of the gold de-bentures of 1904. The payments on this accountmight have been spread over a series of successiveyears, but it was thought best to clean up the wholething at one operation.As far as the decrease in earnings is concerned, it
extended to both passenger and freight. The passen-ger revenues were reduced $2,013,367. It is stated inthe report that the decrease was about equally dividedbetween local, commutation and inter-line business.In the freight earnings the decrease reached $8,205,899.It is pointed out that the' volume of tonnage carriedrecords a decrease in nearly all of the classified com-modities, the greatest reduction being in grain, bi-tuminous coal, ores and lumber. Aggregate tonnagefell from 47,422,174 tons in 1907 to 39,105,955 tonsin 1908, and of this decrease of 8,316,219 tons, 3,200,-120 tons was in coal and coke. The loss in the tonnageof bituminous coal* is stated, was in part due to thesuspension of labor in the Morris Run district duringeight months of the year. It happens that the averagerate received per ton per mile on the freight traffic as a
whole shows a slight improvement, being 6.43 mills
per ton per mile for 1908, against 6.24 mills for 1907.
This slight rise in average follows from the fact that theloss in tonnage of merchandise and other freight of
the higher classes was not proportionately as great
as in the ton nage of commodities of lower grade.The extraordinary expenditures for the year charged
to capital account aggregated $13,248,069, of which$5,603,731 was for additions to property and $7,644,-337 was for constructio n work on leased lines and forGrand Central terminal improvement, charged in partagainst funds provided by lessor companies. Every-thing possible had to be charged to capital, sinceearnings were so greatly reduced. As is known,
$13,000,000 of gold debentures of 1904 were put outin 1908. At the close of the calendar year the positionof the Central and its principal subsidiaries as regardscash resources was one of unusual strength. TheCentral itself held no less than. $16,018,182 of cash,
the Lake Shore held $14,418,964 and the Michigan
Central held $3,683,939.
THE UNITED STATES STEEL CORPORATION
REPORT.The annual report of the Steel Corporation for the
late calendar year comes at the moment when a new
tariff bill has been introduced in Congress proposing
a sharp cut in duties on articles of iron and steel.
The general assumption is that lower duties on foreign
iron and steel mean diminished profits on the domestic.
products. Whether this will prove true in the case
of the Steel Corporation remains to be seen. Through
the expenditure of enormous sums of money, chiefly
derived from earnings, for improvements and in the
building of additional plants of the most modern type,
the Steel Corporation has put itself in position whereit can turn out its products at the very lowest unit of
cost. This is an advantage the importance of which
should not be lost sight of. Wage reductions may also
serve to diminish the inroads on profits, supposing
that a lower range of values is permanently to rule
as a result of the cut in duties, though it is by no
means certain that, with a revival of trade activity,
values would not again rise, notwithstanding the lower
duties.We make these preliminary remarks because what-
ever the course of prices in the future and whatever
the range of tariff duties, it seems .unlikely that the
Steel Corporation will ever be called upon to endure
more unfavorable conditions than those which it en-
countered during the period covered by the annual
report now at hand. The year 1908, as every one
knows, was a period of intense business depression
,throughout the whole range of industries. In none of
,the industries was the depression so pronounced as in
the iron and steel industry. The reason for this, of
course, is that the steel industry is so largely dependent
'upon the orders of the railroads and the railroads were
!sustaining such frightful losses in revenues that they
had to keep down their orders to the lowest possible
limit consistent with safe operation. As a result the
profits of the Steel Corporation in 1908 were cut in
two. The point which it is important to bear in mind
is that this great diminution in profits followed not as
a consequence of lower prices, but of a tremendous
shrinkage in business. The report tells us on page 26
that in the domestic trade the prices received for steel
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720 THE CHRONICLE [VOL. Lxxxvm.
products shipped in 1908 averaged substantially thesame as those received in the preceding year. Also,we are told that for exported material of all kinds theaverage prices, while somewhat lower than those re-ceived in the preceding year, compared very favorablywith the average for domestic business.The application of all this will readily appear. The
recent cuts in prices for various articles of iron andsteel make it probable that the average of prices for1909 will be lower than for 1908, whatever the courseof tariff legislation. On the other hand, it seems equal-ly certain that the volume of business will be larger;for when tariff legislation, which is having such anunsettling effect in so many different lines of business,is once out of the way and uncertainty in that regardremoved, there appears to be no reason to doubtthat trade activity will be resumed. We may be sure,too, that in no industry will the beneficial effects beso quickly or so strikingly manifest than in the ironand steel trades. In brief, then, though prices maybe off, the larger volume of business done should serveas more than an offset, allowing aggregate profits toshow recovery from the extreme low point reachedduring 1908.Yet in 1908, the worst period of depression en-
countered by the Steel Corporation since its organi-zation, the company earned its dividends in full,namely 7% on the preferred stock and 2% on thecommon stock, and had a very comfortable balanceleft over on the operations of the twelve months.Accordingly it seems reasonable to conclude that anychange in 1909 will be a change for the better. Prob-ably few persons appreciate how extreme the collapsein the iron and steel business was in 1908. The Steelreport serves to give prominence to that fact. In1907 the• net earnings of the subsidiary companieswere $160,964,673. For 1908 they were only $91,-847,710, a loss in net in this single period of twelvemonths of $69,116,963. If we take the result reachedafter deducting interest and sinking fund chargesand payments into the depreciation and extinguish-ment and extraordinary replacement funds, the con-trast is yet more striking. In that way we get theamount remaining available for dividends. In 1908the amount so available was only $45,728,713, whereasthe amount in 1907 had been $104,565,563, showinga reduction in the available dividend fund in the largesum of $58,836,850.That with such a tremendous shrinkage the Steel
Corporation should have had enough to meet itsdividend requirements, with a surplus left over, is thebest evidence that could be offered of its inherentstrength in the matter of earning capacity. The pre-ferred dividends called for $25,219,677 and thecommon dividend for $10,166,050, making together$35,385,727, as against an available sum on the opera-tions of the twelve months of $45,728,713, leaving asurplus of over 10 million dollars—$10,342,986. In1907 the surplus above the dividend requirement wasno less than $69,179,836, and out of this an appropria-tion of $54,000,000 was made on account of the con-struction and acquisition of additional property, newplants, &c., &c. In 1908 the company was obliged toforego any• appropriation of that kind, but that hasbeen the full extent of the influence of the hard timespon the company's affairs; and the appropriations
of previous years were of such tremendous magnitude
that there was really no necessity of further contribu-tions of the same sort in 1908. As a matter of fact,the company could get along without special appro-priation of this kind for quite a while, for it still holdslarge amounts unused out of the contributions ofprevious years to the various funds.
It must not be supposed that in 1908 the SteelCorporation made no contributions whatever to anyof the improvement or debt-extinguishment funds.In truth it made quite considerable contributions ofthis kind in the ordinary way. It was only the largespecial appropriations that it was obliged to withhold.The $10,342,986 surplus which we have stated was lefton the operations of 1908 over and above the dividendrequirement remained after sinking fund paymentsaggregating $6,973,273 and after $11,532,896 con-tributed to the extraordinary replacement funds and$3,844,214 contributed to the depreciation and ex-tinguishment funds. In other words, the Steel Cor-poration in one of the very worst years,ever known inthe steel trade earned its dividends in full with$10,000,000 left over, after having contributed no lessthan $22,350,384 to the improvement and debtextinguishment funds.Perhaps the most striking measure of the loss in
business sustained is furnished when we take theaggregate gross value of the commercial transactionsconducted by the respective companies (this includingsales made between the subsidiary companies) andthe gross receipts of the transportation companies forservices rendered both to subsidiary companies andto the public. For 1907 the aggregate of sales andreceipts had been $757,014,767. For 1908 the corre-sponding aggregate was only $482,307,840, showing adecrease in the prodigious sum of $275,000,000. Theaverage number of employees in the service of thedifferent companies was only 165,211, against 210,180in 1907, showing a reduction of 45,000 employees.The amount paid in salaries and wages was reduced,roughly, $40,000,000, falling from $160,825,822 in
1907 to $120,510,829 in 1908.Production suffered a striking diminution in all
directions. Only 16,662,715 tons of iron ore weremined, against 23,980,558 tons in 1907; only 8,169,931tons of coke were manufactured, against 13,544,764tons; only 2,186,007 tons of limestone were quarried,against 3,201,222 tons. The blast furnace productsaggregated only 6,934,408 tons, against 11,422,795tons; the steel ingot production only 7,838,713 tons,against 13,342,992 tons, and the total of rolled andother finished steel products for sale only 6,206,932tons, against 10,564,537 tons. This total of 6,206,932tons of finished products, we are told, was the lowestfor any calendar year since the Steel Corporation wasorganized. Of Portland cement, however, the outputwas 4,535,300 bbls., against 2,129,700 bbls. Thereport states that near the close of the year an exten-sion of the cement plant at Universal, Pa., was com-menced, which Will increase the daily capacity of thisplant from 4,000 to 10,000 bbls. With the completionof that extension, the annual capacity of the cementplants operated by the Universal Portland Cement Co.(a subsidiary concern) will be 8,200,000 bbls.The favorable position in which the Steel Corpora-
tion finds itself and the satisfactory results it is ableto display are due, as already stated, to the enormousSUMS of money applied towards improvements .and in
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MAR. 20 1909.1 THE CHRONICLE 721
the building and acquisition of new plants. Themoney, as also already stated, came chiefly fromearnings. We have in previous annual reviews fur-nished figures to show the magnitude of the appropria-tions for these purposes and the amount of surplusearnings applied in the same way. But with eachsucceeding year the figures become more imposing,and therefore the statement deserves to be broughtforward and its significance re-emphasized. The bal-ance sheet shows for Dec. 31 1908 undivided surplusfor the Steel Corporation and its subsidiary companiesin amount of $133,415,214, of which only $25,000,000was provided at organization, the other $108,415,214having been accumulated out of earnings. This isentirely independent of the amount standing to thecredit of the sinking and reserve funds, which reaches$64,879,359, and the amount standing to the creditof the bonds sinking fund, which is given as $38,074,-012. Altogether, therefore, the three items representa total of over 211 million dollars.
This, however, tells only part of the story. Largesums applied out of earnings no longer appear in theaccounts, having been marked off the books fromamong the assets, with corresponding reductions onthe liabilities side. There is a statement in the re-port which gives the accumulated surplus for theperiod from April 1 1901 (the date of the organizationof the company) to Dec. 31 1908 after the deductionof charges and the payment of dividends. The sur-plus thus given amounts to $242,906,841. It shouldbe distinctly understood, however, that this is thesurplus after the large yearly sinking fund contribu-tions and also the appropriations for the depreciationand extinguishment funds and the extraordinary andspecial replacement funds. These appropriations havebeen of very large extent. Following the plan pursuedby us in previous years, we undertake to show in thetable which follows what these appropriations andcontributions aggregate for the whole of the periodsince the inception of the enterprise. We start withthe recorded surplus of $242,906,842 and then addthe amounts which were deducted each year beforearriving at the surplus.EARNINGS APPLIED IN IMPROVEMENTS AND EXTENSIONS.
Aggregate net income (above charges and above contributionsto various funds) from date of organization (April 1 1901)to Dec. 31 1908
Dividends paid—$540,647,148
On preferred stock (54M%) $218,975,275On common stock (153i%) 78,765,032 297,740,307
Surplus $242,906,841Add contributions to sinking funds, to depre-
ciation and extinguishment funds and toextraordinary and special replacement andimprovement funds—
Calendar year 1908 $22,350,384do do 1907 32,857,241do do 1906 34,707,335do do 1005 27,405,062do do 1904 18,207,328do do 1903 29,292,866do do 1902 27,814,389 192,634,605
Aggregate amount of net earnings put into property $435,541,446
It will be seen from the foregoing that in the lessthan eight years of its existence, the Steel Corporationhas taken out of earnings and put into the property,and applied to its improvement, enlargement and ex-tension,the enormous sum of $435,541,447. If the com-pany should have another such prosperous year as ithad in 1907 and apply similar amounts as in that year,it would be found that the whole of the $508,000,000common stock, whether it originally represented acash investment or not, had been paid for out ofearnings.A statement in the report notes that since the or-
ganization of the company there has been expended
for additional property and construction (exclusiveof the cost of the stock of the Tennessee Coal & IronCo. and the cost of the Union Steel and Clairton Steelcompanies), and for extraordinary replacements andbetterments ,the sum of $348,032,939. What has beeneffected through this large expenditure is indicated.by another table in the report showing the increase.in capacity of the plants between April 1 1901 and,Jan. 1 1909. The blast-furnace capacity is now14,990,000 tons, against 7,440,000 tons, an increaseof 7,550,000 tons, of which only 2,228,000 tons is dueto the purchase of the Tennessee Coal and other com-panies and 5,322,000 tons is due to additions and im-provements made in the plants of the subsidiarycompanies since their acquirement by the Steel Cor-poration. Similarly the steel ingot capacity has beenincreased from 9,425,000 tons to 17,070,000 tons,5,887,000 tons of this increase being due to additionsand improvements. The capacity for rolled and othersteel and iron products for sale has been increasedfrom 7,719,000 tons to 12,900,000 tons, 3,678,000 tonsbeing due to improvements. The cement capacityhas been increased from 500,000 barrels to 6,100,000barrels.
Attempts are often made to create an impressionthat the Steel Corporation is anxious to establish amonopoly in the manufacture of iron and steel. Thereport shows that notwithstanding the increase incapacity by purchase of other companies and by ex-tensions completed, the subsidiary companies of thecorporation have not in the aggregate retained theirrelative position in the trade. Taking the figures ofproduction of pig iron and steel (the basic products),a comparison between 1908 and 1901 in respect of theproportion of the iron and steel business controlledby the subsidiary companies of the Steel Corporationand by other manufacturers shows that in the case ofpig iron the percentage of the Steel Corporation to thewhole has remained substantially unchanged, being4332% for 1908 as against 43.2% in 1901, while theSteel Corporation's percentage of the steel productionhas declined from 66.2 to 56.4. Obviously, therefore,if any desire exists to create a monopoly, very littleprogress is being made in that direction.
RAILWAY GROSS EARNINGS FOR FEBRUARY.In the number of our "Railway Earnings Section"
which we issue as a supplement to-day to ourpaper we show both the gross and the net earningsfor the month of January of all the railroads of theUnited States which. are obliged to file monthly re-ports with the Inter-State Commerce Commission atWashington. A few roads which make it a practiceto furnish early preliminary estimates have alreadysubmitted figures for the month of February, butrelating of course only to the gross. It takes from30 to 50 days after the close of the month to obtainaudited returns of both gross and net. On the otherhand, current estimates of the gross can of course begiven shortly after tthe close of the month.
Following our usual practice we bring together thefigures of the roads which submit these early approxi-mations. It is gratifying to find that for February,as for January, the record is one of improvement over1908. It must not be forgotten, however, that incomparing with 1908 we are comparing with verysmall totals. Hence the gain represents merely a
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722 THE CHRONICLE Lxx5cvni.
recovery of what was lost last year or, to be moreaccurate, it represents a recovery of apart of what waslost last year. For, speaking of the roads collectively,the 1909 earnings are by no means equal to those of1907. Our tables comprise 53 roads, operating 81,871miles of line. On these roads there is an increase of$4,133,506, or 9.02%. On the other hand, our earlycompilation for February 1908, covering a slightlylarger aggregate of mileage, showed a loss of $5,706,-584, or 10.71%. The following furnishes a summaryof the early February totals for each year back to1897.
Note.-We do not include the Mexican roads in any of the years.
As concerns the influences at work during February,trade of course was more active than at the time of theintense depression in business twelve months before.It nevertheless fell far short of its full normal volume.Weather conditions were not much of a drawback ineither year, the winter having on the whole been verymild over the country at large, though, as usual, someparticular sections and some particular roads sufferedfrom snow or from excessive rains. In the matter ofthe leading staples, Southern roads had the advantageof a larger cotton movement and Western roads of alarger grain movement. It should be noted that themonth this year had one day less than last year,February 1908 having been a leap year. But if, onthe one hand, the absence of the extra day served tomake the improvement in 1909 less marked than itotherwise would have been, on the other hand the ex-istence of the extra day in 1908 reduced the loss belowwhat it would have been at that time save for thatfact.With the exception of oats the receipts of all the
leading cereals at the Western primary markets inFebruary 1909 ran heavier, than in February 1908.Taking the figures for the even four weeks, the deliveriesof wheat, corn, oats, barley and rye combined were41,574,469 bushels in 1909, as against 38,092,372bushels in 1908. In the following we show the detailsof the Western grain movement in our usual form.
Total of ail-1909 2,410,029 20,685,830 30,050,960 21,592,992 11,418,270 841,6501908 2,590,168 25,067,985 35,352,120 25,652,103 9,297,793 1,057,834
• With reference to the cotton movement in the South,the shipments overland for the month this year were165,545 bales, as against 160,836 bales. The total,however, falls much below that for 1907, when theshipments were 195,018 bales. In the case of thereceipts at the outports the comparison is much thesame, the total being better than a year ago but farbelow that of 1907. In brief, the Southern port re-ceipts were 693,038 bales in February 1909, as against662,239 bales in 1908, but as against 896,548 bales
in 1907. At New Orleans, Savannah and Norfolk
the receipts were smaller than in either of the twopreceding years. At Wilmington the receipts fell
below those of last year, but ran better than those
In the case of the separate roads the record is muchthe same as for the roads, collectively. Results arebetter than last year but not as a rule up to thoseof 1907. Nor are the individual gains so large as inmany periods in the past. Decreases, however, arenot numerous, being the exception rather than therule. In the following we show all changes for theseparate roads for amounts in excess of $30,000,whether increases or decreases. It will be observedthat there is only one road with a decrease of that
amount.
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MAR. 20 1909.1 THE CHRONICLE 723
PRINCIPAL CHANGES IN GROSS EARNINGS IN FEBRUARY.
Increases.Canadian Pacific $803,000Missouri Pacific (2) 565,000Great Northern (2) 455,699Southern Railway 303,160Baltimore & Ohio 273,323Chesapeake & Ohio 260,038Grand Trunk (4) 171,704Louisville & Nashville_ _ _ 170,768St. Louis Southwestern_ _ _ 142,435Mobile & Ohio 122,836Minn. St. P. (So S. S. M 116,868Denver & Rio Grande_ _ _ _ 116,100Wabash 99,391International & Gt. North. 90,000
Cin. New On. & Tex. Pac.Illinois Central Atlanta Blrm. & Atlantic_Ala.New Orl. &Tex.Pac. (3)Chicago Great Western_Colorado & Southern Alabama Great Southern_Wisconsin Central Chic. Ind. & Louisville__ _
Note.-Figures in parenthesis after name of road indicate /he number of
lines or companies for which separate returns are given in our compilation.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
February. 1009. 1908. 1907. 1906. 1905. 1904.
$ $ $ $ $ $Canadian Pacift. 4,819,001 4,016,000 4,268,206 4,224,452 3,056,094 2,541,862Chic Great West r608,195 r558,898 643,857 647,799 499,274 595,875Dui So Sh & Atl_ r193,014 r187,927 r210,250 204,559 188,422 171,758Gt Northern Sys 3,267,64:b2,811,949 2,656,873 3,188,259 2,553,703 2,241,342Iowa Central_ __ _ r205,93 r218,129 248,531 213,049 169,583 190,649Ilinneap & St L. r253,74 r252,547 254,013 237,995 192,778 178,770Minn St P & S SS 770,03' 653,171 702,339 764,745 523,873 389,207
10,117,572 8,698,621-
8,984,069 9,480,858 7,183,727 6,309,463Total
* Results are based on 111 miles less road beginning with 1905.S Actual figures of earnings are now used for comparison.r Figures are on the new baste of accounting prescribed by the Inter-State Com-
Chic Ind & Louis r349,950 r315,167 r411,022 408,906 353,826 366,687Grand Tr of Can)Grand Tr W_ )62,629,471 2,357,767 2,741,838 2,602,274 2,268,252 1,649,525Dot (I H & 1111
Illinois Central__ a4,468,153a4,389,470 4,428,661 4,366,911 3,513,523 3,707,757Tol Peoria & W. 81,282 94,726 100,352 104,142 06,191 110,916Toledo St L & W 220,893 263,273 307,684 312,998 229,195 254,151Wabash 1,870,828 1,771,437 1,988,266 1,940,555 1,575,769 1,522,943
Total 10,021,555 9,707,04010,560,64010,349,630 8,569,189 8,106,499
aEmbracessome large items of income not previously Included in monthly returns.b Includes Canada Atlantic beginning with October 1904.r Figures are on the new basis of accounting prescribed by the Inter-State Com-
Total 11.317.047 10.544,44912,469,816 11,936,963 9,124,797 10,369,570
a Includes some large items of Income not previously Included in monthly returns.S Includes earnings of Atlanta Knoxville & Northern.r These figures are on the new basis of accounting prescribed by the Inter-State
Commerce Commission.
EARNINGS OF SOUTHWESTERN GROUP
February. 1990. 1098. 1907. 1906. 1905. 1904,
$ $ $ $ $ $Colo & South *,. r1,133,140 r1,084,915 1,026,742 911,014 652,655 569,141Denver & Rio Gr 71,319,30 r1,203,200 r1,485,440 1,405,981 1,092,813 1,088,677Internat & Gt N. r593,00 r503,000 695,261 469,742 397,359 408,660Mo Pac & CentBr 3,510,000 2,945,000 3,624,177 3,459,758 2,741,302 3,521,229St Louis S W____ r828,762 r686,327 r842,853 708,738 529,900 669,164Texas dc Pacific__ r1,122,14 r1,122,999 r1,423,053 1,113,014 857,883 1,007,511
Total 8,506,342 7,545.441 9,097,526 8,068,247 6,271,912 7,264,382
*For 1909, 1908, 1907. 1906 and 1905 includes all affiliated lines except Trinity& Brazos Valley RR, For 1904 we have combined Colorado & Southern andFort Worth & Denver City.
r Figures are on the new basis ot accounting prescribed by the Inter-State Com-merce Commission.
GROSS EARNINGS AND MILEAGE IN FEBRUARY.
Name of Road.Gross Earnings. Mileage.
1909. 1908.Inc. (+) orDec. (-). 1009. 1908.
3 $ $Alabama Great South 283,495 243,391 +40,104 309 309Ala New On dc Tex PNew On do Nor East 256,719 206,679 +50,040 196 196Alabama & VIcks__ 120.134 113,362 +6,772 143 143Vicks Shreve & Pac 111,205 113,138 -1,933 171 171
$ $ $Grand Trunk of Can.Grand Trunk West 2,529,471 2,357,767 +171,704Det Gr Hay & Mil_Canada Atlantic__
Great Northern Eastern of Minn } 3,267,648 2,811,949 +455,099Montana Central_.
Illinois Central 4,468,153 4,389,470 +78,683Internat & Gt North_ 593,000 503,000 +90,000Iowa Central 205,930 218,129 -12,199Louisville do Nashville 3.424,640 3.253,872 +170,768Macon & Birmingham 12,050 11,916 +134Manistique 4,072 2,171 +1,901Mineral Range 59,621 55,776 +3,845Minneap & St Louis 253,746 252,547 +1.199Minneap St P dc S S M 770,039 653,171 +116,868Mo Pacific & Iron Mt_ 3,379,000 2,850,000 +529,000
Central Branch_ _ _ _ 131,000 95,000 +36,000Mobile do Ohio 792,364 669,528 +122.836Nevada-Cal-Oregon 24,694 20,271 +4,423 Rio Grande Southern_ 30,237 40,399 -10,162St Louis Southwestern 828,762 686,327 +142,435Southern Railway.... 3,966,181 3,063,021 +303,160Texas Central 92,057 69,612 +22,445Texas & Pacific 1,122,140 1,122,999 -859Toledo Peoria & West 81,282 94,726 -13,444Toledo St Louis & W_ 220,893 263,273 -42.380Wabash 1,870,828 1,771.437 +99,391Wisconsin Central_ _ _ 532,215 495,232 +36,983_Yazoo & Miss Valley_ 851,132 844,456 +6,676
Total (53 roads) __49,515,76 445,382,258 +4,133,506Net increase (9.02%).
Mexican Roads (not in eluded in to tal)-Interoceanic of Mexico 516.392 677,530 -161,138Mexican International 539,829 587,560 -47.731Mexican Railway.... 569,600 667,100 -97,500Mexican Southern_ 112,321 104,836 +7,485_National Rys of Mex_ 3,944,833 4,261,874 -317.041
Mileage.
1909. 1908.
4,528
6,899
4,5191,159558
4,38810573128
1,0272,3946,101388926184180
1,4697,016268
1,885248451
2,5151,1311,371
81,871
736918321263
5,129
4,528
6,653
4,3771,159558
4,34710573128
1,0272,3096.091388926164180
1,4697,010268
1,885248451
2,5151.0231,279
80.303
736918321263
5.108
ITEMS7AB0UT BANKS, BANKERS AND TRUST CO S.
-The public sales of bank stocks this week aggregate 168
shares and were all made at auction. No trust company
stocks were dealt in. One hundred shares of Mercantile
National Bank stock were sold in one lot at 1873. The last
previous public sale was made in January at 190.
Shares. BANKS-New York. Late. High. Close. Last previous sale.
100 Mercantile National Bank__ 1873 187 1873's Jan. 1909- 190
-George S. Terry is to assume his duties as Assistant
Treasurer of the United States at New York on Monday next.
Mr. Terry succeeds Hamilton Fish, who resigned in Novem-
ber last.
-The State Senate of Nevada is reported to have killed
on the 17th inst. the deposit guaranty clause of a banking
bill pending in the Legislature. Every Republican, it is
stated, voted against the bill, together with three Democrats.
-The appointment of George T. Cutts of Missouri as a
national bank examiner at large is announced. Mr. Cutts
had formerly been a Vice-President of the National Bank of
Commerce of Kansas City, Mo., having served from the time
of the reorganization a year ago until last November, his
withdrawal from the management occurring at the time of
the resignation of William B. Ridgely from the presidency.
During the period of the suspension of the institution, from
December 1907 until April 1908, he conducted the receiver-
ship. Mr. Cutts is the fourth national bank examiner at
large named by Comptroller Murray, the others being
J. M. Logan, Miller Weir and Edwin F. Rorebeck.
-Protests against the establishment of postal savings
banks have been registered in resolutions adopted by Group 6
of the Iowa Bankers' Association and Group 6 of the Arkan-
sas Bankers' Association. The members of Group 6 of
the Iowa Association voiced their opposition in the following
resolution, passed at a meeting on the 11th inst.: "Resolved,
that on principle we are opposed to the United States
engaging in the banking business through the medium of
the postal savings banks and we are particularly opposed
to the provision of the Carter Bill now pending in Congress
as recently amended by its author. We believe its in-
evitable effect will be to transfer a large volume of deposits
from the country to the already congested money centers,
and we respectfully request our Senators and Representatives
in Congress to oppose the enactment of the measure."
-A clearing-house association, it is stated, has been
established in Meridian, Miss. While no regular organization
has heretofore existed for the purpose, daily exchanges
are reported to have been made in the past between the
banks at the office of the First National Bank, with James
Hamm acting as manager. Walter Broach of the First
National Bank and R. C. Weems of the Union Bank &
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724 THE CHRONICLE WoL. Lxxxvni.
Trust Company are credited with perfecting the organizationof the association.
—In a decision handed down on the 15th inst., the SupremeCourt of Pennsylvania upholds the validity of the $2,000,000bonds given by several of the directors of the failed AlleghenyNational Bank of Pittsburgh to secure the deposits of theCommonwealth, thus affirming the decision of CommonPleas Court No. 2 of Allegheny County. The directors hadsought release from the responsibility on the ground thatthe Board of Revenue Commissioners had authorized thesubstitution in April of last year of the bonds of two suretycompanies in place of those of the directors, which hadbeen given some years ago during the term of a formerState Treasurer. The substitution, however, was notagreed to by the State Treasurer in office and judgmentagainst the individual bondsmen was obtained by AttorneyGeneral Todd. The Supreme Court decision in part says:"We cannot agree that there can be no recovery because the bond in
question was taken in the name of a particular State Treasurer and was only1 ntended to cover defaults occurring during the term of office of the officialn whose name It was taken. The bond in terms negatives this theory.It was taken to secure deposits during the term of the Treasurer named orhis successor In office so long as the State funds are deposited in the in-stitution bound by the bond.
Nor is there any merit in the contention that the bond was only intendedto cover moneys deposited at the time it was given or at most during theterm of the Treasurer then in ofice. Such a construction would do violenceto the plain intention of the parties as gathered from the bond itself, thepurpose for which taken, and the course of business dealings betweenthe State and the institutions carrying its balances on deposit.
These bonds are continuing obligations to protect the State againstoss so long as moneys are deposited in the institution giving them. Suchbonds may be surrendered and new or additional ones may be taken in lieuthereof, but when this is done all of the constituted authorities havingto deal with the subject must join the act In the manner provided by law.In the present case the old bond was not surrendered by the State Treas-
urer and It could not be done without his consent, nor could it be done byhim alone without the approval of the board. These requirements ofthe law were not complied with and the obligation of the bondsmen toanswer for the default of the bank still remains.' Judgment affirmed."
—A bill giving authority to trustees of failed corporationsto settle claims in behalf of the institutions which they repre-sent, subject to court approval, has been passed by bothbranches of the Ohio Legislature. The particular purposefor which the bill was designed, it•is understood, was to per-mit an adjustment of the differences between the Ohio Ger-man Fire Insurance Company and the failed Citizens' StateBank of Napoleon, Ohio, without recourse to lengthy liti-gation entailed under the old law. The bank assigned onDec. 16, following the failure of the insurance company,the assignment, it was reported, having been due to over-loans made by the Cashier of the bank to the President of theinsurance company.
—The system of bank examinations, which has beenadopted by the clearing-house associations of severalcities, notably, Chicago, Minneapolis, Los Angeles, &c.,s to be put into operation by the St. Joseph, Mo., Clearing-House Association, according to the Chicago "Tribune". Its stated, however, that in the case of the St. Joseph Asso-ciation the work will be delegated to the firm of Marwick,Mitchell & Co., the chartered accountants, who will likelyappoint one of its examiners to permanently take chargeof the same.
—It is reported that Joseph L. Mohundro has succeededA. W. Engle, resigned, as bank examiner of the State ofWashington. Mr. Engle was appointed examiner in 1907,following the passage of the law, providing for the creationof the office, which went into effect on June 14 of that year.
—At the annual convention of the American Bankers)Association, to be held in Chicago in the week of Septem-ber 13, the business sessions will be conducted in theChicago Auditorium Theatre. The theatre is connectedwith the Auditorium Hotel and the Annex, which willbe the headquarters of the association in the Conventioncity 4.making it particularly convenient for the members.A resolution has been passed by the Chicago Clearing-HouseAssociation requesting the banks in that city not to engagerooms in bulk for their customers. This will thus leavethe hotels open for the bankers of the country to reservetheir own accommodations, and they will be taken care ofaccording to the date of their application.
—The Executive Council of the American Bankers' Associa-tion will hold its spring meeting at Briarcliff Lodge, Briarcliff
Manor, N. Y., during the week of May 3. Monday, the 3d,will be set aside for section and committee meetings, andTuesday and Wednesday, the 4th and 5th, for councilmeetings. Briarcliff may be reached either on the main lineof the New York Central RR. at Scarsborough Station, oron the Putnam Line of the New York Central, at BriarcliffManor station.
—Plans for the consolidation of two local trust companies—the Equitable and the Bowling Green—have been formu-lated, and pill be carried into effect at the end of the month.The Bowling Green Trust Co. is to lose its identity in themerger, the business of the two institutions being continuedunder the name of the Equitable Trust. There is to beno increase in the capital of the latter, the amount remainingat $3,000,000, and the existing stockholders retaining theirpresent holdings. The Bowling Green has ,a capital of$1,000,000 and surplus and undivided profits (Jan. 1 1909)of $2,973,389. Under the merger agreement the value of itscapital, surplus, undivided profits and good will is taken at$4,112,068 29—the equivalent of $411 21 per share. Forthe surrender of their holdings, the stockholders of theBowling Green are to receive $410 29 per $100 share, or atotal of $4,102,900, and it is proposed to distribute amongthe employees of the company the sum of $9,168 remainingafter this payment. The consolidation will add nearly$15,000,000 to the deposits of the Equitable, which onJan. 1 1909 amounted to $22,490,318. The Equitable willcontinue its main office at 15 Nassau St., and besides itsFifth Avenue branch recently opened, will maintain for thepresent a branch to be known as its Bowling Green branch.Meetings of the stockholders of the two institutions will beheld on March 31 to ratify the merger agreement. Theboard of the consolidated company, as announced, containsbut four members of the Bowling Green Trust; they areHarry C. Bronner, Edwin Gould, Edward T. Jeffery andWinslow S. Pierce. The full board will be made up of thefollowing members: C. F. Adams 2d, C. B. Alexander,Harry C. Bronner, U. H. Broughton, F. R. Coudert, Paul D.Cravath, W. H. Crocker, T. De Witt Cuyler, William A.Day, M. Hartley Dodge, John F. Dryden, Edwin Gould,E. H. Harriman, T. H. Hubbard, E. T. Jeffery, BradishJohnson, Otto H. Kahn, Alvin W. Krech, L. F. Loree,Paul Morton, Ralph Peters, Winslow S. Pierce, Henry S.Redmond and V. P. Snyder. Alvin W. Krech, who hasbeen President of the Equitable Trust since June 1903, willcontinue at the head of the institution, and will have thefollowing assistants in the official staff: Lawrence L. Gilles-pie and Frederick W. Fulle, Vice-Presidents; LymanRhodes, Secretary; H. Mercer Walker, Treasurer; Richard
R. Hunter, Assistant Secretary, and Herman J. Cook andGeorge M. Stoll, Assistant Treasurers. The Equitable Trust
Co. has been operating under its present title since May 11902, the name having been changed at that time from theAmerican Deposit Co. Its capital was increased from$1,000,000 to $3,000,000 in 1903; the new stock was put outat $500 per share, thereby raising the surplus from $500,000to $8,500,000. The present surplus and undivided profitsare $10,600,000. A consolidation of the Equitable and theMercantile Trust Companies was planned in June 1907, butabandoned a year ago, notwithstanding the fact that thelitigation instituted by a small minority stock interest hadresulted in a decision upholding the merger. The BowlingGreen Trust Co. was originally known as the Produce Ex-change Trust Co.; the change in the title occurred early in1900. Several years ago (in Junel1906) the..company reducedits capital from $2,500,000 to $1,000,000 through the sale
of $1,500,000 of New York City bonds in which its capitalwas invested, the stockholders receiving 60% of the parvalue of their stock in cash and 40% in new stock. Thesurplus was at the same time increased from $2,500,000 to$3,000,000.—The Fourth National Bank of;this city, through the
purchase of real estate adjoining its present building atNassau and Pine streets, has become the owner of the entireblock on the east side of Nassau St. from Pine to Cedarstreets. The property which the bank has just taken overwas acquired from the Germania Life Insurance Co.; it hasan area of about 4,900 square feet, meaSuring 73.1 feet onNassau St. and 73.2 on Cedar St. While the purchase pricehas not been divulged, it is understood to have been in the
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MAR. 20 1909.1 THE CHRONICLE 725
neighborhood of $1,500,000—the figure at which the Insur-
ance Co. had been holding the property. This would make
the price per square foot about $307, a rate for city property
which has been exceeded in but three or four instances. The
Fourth National also owns , in addition to the building occupied
by it and the present acquisition, a lot at 22 Pine St., the
combined properties thus owned having frontages of 149.8
feet on Nassau St., 94.1 feet on Pine St. and 73.2 feet on
Cedar St. The site is to be improved with a modern office
building, which will contain suitable ground floor quarters
for the bank. It has not as yet been announced when the
work of construction will begin. The Germania Life Insur-
ance Co. is entitled to occupy its present quarters for two
years under an agreement held by it, but it is not thought
that the company will interfere with any plans which might
be developed for carrying the work of construction to com-
pletion before that period. The location of the property is
considered particularly advantageous, the fact that there
are no high buildings in the surrounding territory serving
to insure for the building excellent light.
—A quarterly dividend of 5%, representing an increase
of 1% over the last disbursement, and raising the rate from
16% to 20% per annum, has been declared to the stockholders
of the Title Guarantee & Trust Co. of this city, payable
March 31 to holders of record March 23.
—The 4% quarterly dividend declared by the Equitable
Trust Co. last week, payable March 31, is an increase of 1%
over the last previous declaration, which was 3%.
—The Union Exchange Bank of this city has entered the
national system, taking the name of the Union Exchange
National Bank. The plans of the institution to organize
under the Federal laws became known last December, when
action toward increasing the capital from $750,000 to $1,-
000,000 was taken. The bank announces a combined capital
and surplus of $2,000,000, and total resources of $11,000,000.
It began business in June 1903. Henry S. Herrman is Presi-
dent and David Nevius Vice-President and Cashier.
—The Columbia Trust Co. of this city this week declared
an initial quarterly dividend of 2%, payable on March 31.
The institution has a capital of $1,000,000 and was organized
in 1905. In its latest statement (Dec. 311908) it reported
surplus and profits of $1,311,260 and gross deposits of $11,-
029,857.
—The Metropolitan Bank of this city placed its stock on
an 8% basis this week through the declaration of a quarterly
disbursement of 2%. The former rate was 1M% quarterly.
—T. De Witt Cuyler and Moses Taylor Pyne were elected
directors of the United States Mortgage & Trust Co. of this
city at a meeting of the stockholders on Thursday. William
A. Jamison has been elected a member of the Executive
Committee.
—Work on the proposed addition to the building of the
Rochester German Insurance Building of Rochester, N. Y.,
is to begin immediately, the contract for the construction
of the same having just been awarded. As noted in an item
a year ago, the improvements to be made will also give to
the National Bank of Rochester, which is housed in the same
building with the insurance company, increased banking
facilities. The main banking room on the ground floor will
be enlarged to the extent of 2,500 square feet, and addi-
tional space will likewise be provided for the officers' rooms
and other rooms. It has also been decided to locate the for-
eign department on the second floor. The addition is ex-
pected to be completed in another year. The insurance com-
pany is to occupy two floors of the new building, besides its
present quarters. Eugene Satterlee is President of both
the bank and the insurance company. Peter A. Vay is
Cashier of the bank.
—The Faneuil Hall National Bank of Boston was formally
placed in voluntary liquidation at a meeting of its stock-
holders on the 16th inst. The institution was recently taken
over by the Beacon Trust Co. and is now operated as a branch
of the latter. For the convenience of the business men in
the vicinity the branch is open from 7 to 10 p. in. on Satur-
day night.
—Frederick M. Varney, formerly Cashier of the First
National Bank of Somersworth, N. H., pleaded guilty to an
indictment charging the embezzlement of $85,000 of the
bank's funds, and was sentenced on the 16th inst. to five
years in the Federal Prison at Atlanta, Ga. The institution
closed its doors on Dec. 16, following the disclosure of the
shortage, but reopened on Feb. 8.
—The sale at auction of three shares of stock of the Girard
Trust Co. of Philadelphia at $892 per share was reported
this week, the highest price, it is said, ever paid for stock
in any financial institution in Philadelphia. The company
has a capital of $2,500,000, in $100 shares.
—Notice has been issued of a special meeting of the stock-holders of the Franklin Trust Co. of Philadelphia to be heldon May 20, at which the question of increasing the capitalfrom $200,000 to $400,000 will be submitted for action.
—The proposition to increase the capital of the AmericanBank of Philadelphia from $50,000 to $100,000 was ratifiedat a special meeting of the stockholders on the 11th inst.One-half of the new issue, it is stated, will be offered to thepresent stoCkholders at $60 per share and the other half tonew interests at $70 per share. The bank began businesslast June. It is located at Broad St. and Passayunk Ave.
—Thomas E. Long has been elected President of the Real
Estate Savings & Trust Co. of Allegheny, Pa., to replace thelate James Richey Jr. Mr. Long had heretofore been Vice-
President and is succeeded in that office by James N. Dun-can.
—Augustus E. Rice, President of the Ohio Bankers' Asso-ciation, died on the 15th inst. at the age of sixty-two years.Mr. Rice was also President of the Croghan Bank & SavingsCo. of Fremont, Ohio.
—The directors of the Harris Trust & Savings Bank of
Chicago have declared a quarterly dividend of 23/2%, pay-able April 1 to stockholders of record March 17. This is an
increase of one-half of 1% in the quarterly payment and
places the stock on a 10% basis, as against 8% heretofore.The sum of $250,000 has been transferred from undivided
profits to surplus account, making the latter now $750,000.
—N. 0. Werner, formerly President of the Swedish-
American National Bank of Minneapolis, absorbed by theNorthwestern National Bank of Minneapolis last December,is one of the principals in the movement to establish a newFederal institution in Minneapolis, the application to or-
ganize which was approved at Washington on the 11th inst.It is stated that Mr. Werner will be President of the new
institution, which is to bear the title the Scandinavian
American National Bank, and is to have $250,000 capital.The proposed bank is to occupy the quarters formerly usedby the Swedish-American National, and is to begin businessearly in May.
—C. C. Waller, former President of the Southern Bank &Trust Co. of Fort Smith, Ark., which failed in March 1906,is reported to have been sentenced to a term of two and ahalf years in prison and to pay a fine of $750, following hisconviction on charges of embezzlement. Under an appealthe accused was released on bonds of $50,000.
—It is stated that at the annual meeting of the ColoradoBankers' Association, to be held at Denver on June 21 and22, action will be taken toward forming a Rocky MountainBankers' Association—the organization to comprise thebanking associations of all the Western States.
—The Gate City Bank of Kansas City, Mo., purposes toincrease its capital from $100,000 to $200,000, and to or-ganize under the national system. These changes are tooccur within the next two months. The new issue of stockis to be disposed of at $125 per share, and the premium, $25,placed to the surplus account.
—Myron R. Sturtevant has been elected a Vice-Presidentof the Central National Bank of St. Louis, of which H. P.Hilliard recently became President, as noted last week.Mr. Sturtevant had heretofore been Cashier of the bank,
and he is succeeded in that office by J. A. Berninghaus,who had been an Assistant Cashier of the Mechanics-Ameri-
can National Bank
—The name of the Kentucky Title Savings Bank of Louis-ville, Ky., has been changed to the Kentucky Title SavingsBank & Trust Co. The change went into effect Feb. 1.
—The Hermitage Bank & Trust Co. of Nashville, Tenn.,has been incorporated with a capital of $300,000. The listof incorporators includes the name of State Comptroller
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726 THE CHRONICLE [VOL.
Frank Dibrell, who, it is expected, will be President ofthe new organization. The company will conduct ageneral banking and trust business.
—The bankers' associations of Alabama and Mississippiwill hold their annual conventions on May 11 and 12 atMobile, Ala., and Columbus, Miss., respectively. After theadjournment of their meetings the members of the two or-ganizations are to be the guests of the New Orleans Clearing-House Association. The annual meeting of the LouisianaBankers' Association is to take place May 13 and 14. ,—An application to organize the American National Bank
of Meridian, Miss., with $200,000 capital, has been approvedby the Comptroller of the Currency.—John Victor, previously Cashier of the People's National
Bank of Lynchburg, Va., has succeeded J. W. Ivey in thepresidency. Mr. Ivey has taken the place of former Vice-President J. D. Langhorne, and G. E. Vaughan succeedsto the cashiership.
—The South Texas National Bank of Houston, Texas,removed last week to temporary quarters, pending the con-struction of its handsome new bank building, which whencompleted will be one of the finest structures in the South.—Frederick Terrell has advanced from the vice-presi-
dency to the presidency of the City National Bank ofSan Antonio, Texas, succeeding George C. Saur as head ofthe institution.
—A. L. C. Magruder has taken the place of J. M. BennettJr. as Cashier of the National Bank of Commerce of SanAntonio.
—George Roeth has become President of the Union Na-tional Bank of Oakland, Cal., succeeding James L. DeFremery, who takes the post of Vice-President heretoforeheld by Mr. Roeth. J. H. Perine is Cashier.
—The stockholders of the London-Paris National Bank ofSan Francisco, at a meeting on the 8th inst., authorized theissuance of $1,500,000 new capital, increasing the amountfrom $2,500,000 to $4,000,000, and ratified the consolidationplans entered into with the Anglo-Californian Bank, Ltd.The consolidated institution, which will be known as theAnglo and London-Paris National Bank, will begin operationson April 1.
—The Mercantile Trust Co. of San Francisco is said tohave purchased the business of the safe deposit departmentof the California Safe Deposit & Trust Co. of San Francisco.The latter institution suspended in October 1907 and is incharge of Edward J. Le Breton as receiver.
STOCK OF MONEY IN THE COUNTRY.—The followingtable shows the general stock of money in the country as wellas the holdings by the Treasury, and the amount in circula-tion, on the dates given. The statement for March 1 1908 wiltbe found in our issue of March 28 1908, page 771.
Stock of Money Mch.1 1009 -Money in Circulation-In United Held In Mch. 1 Mch. 2Stales. Treasury.d$ S
Gold coin and bullion_ ___*1,656,725,109 186,394,881Gold certificates_a 47,699,690Standard sliver dollars.... 563,791,812 6,878,913Silver certificates_a 13,342,608Subsidiary silver 155,622,140 24,855,000Treasury notes of 1890_ _ _ _ 4,468,000 15,330United States notes 346,681,016 10,922,510National bank notes 678,285,600 30,686,733
Total 3,405,573,677 320,795,671 3,084,778,006 3,002,666,641Population of the United States March 1 1909 estimated at 88,448,000; circulation
per capita. $34 88.* A revised estimate by the Director of the Mint of the stock of gold coin was adop-
ted in the statement for Aug. 1 1907. There was 8 reduction of $135,000,000.a For redemption, of outstanding certificates an exact equivalent in amount of the.
appropriate kinds of money is held in the Treasury, and is not included in the accountof money held as assets of the Government.d This statement of money held in the Treasury as assets of the Government does
not include deposits of public money in national bank depesitaries to the creditof the Treasurer of the United States, amounting to $59,696.892 90.
National Banks.—The following information regardingnational banks is from the office of the Comptroller of theCurrency, Treasury Department.
APPLICATIONS TO CONVERT INTO NATIONAL BANKSAPPROVED.
The Farmers' & Merchants' Bank of Woodland, Cal., into "The FirstNational Bank of W,00diand." Capital, $200,000.The Okanogan Valley Bank, Okanogan, Wash., into "The First National
Bank of Okanogan." Capital, $25,000.
NATIONAL BANKS ORGANIZED.Certificates Issued March 8 to March 13.
9,353—The Houston National Exchange Bank, Houston, Tex. Capital.$200,000. .Henry S. Fox, Pres.; Henry S. Fox Jr. and Jos. F.Meyer, V.-P's.: N. C. Munger, Cashier.
9,354—The First National Bank of Lewisville, Ark. Capital, $25,000.8. W. Smith, Pres.; C. C. DuBose and Ed. Alexander, V.-P's.:D. W. Glaciney, Cash[er.
9,355—The Merchants' National Bank of Billings. Mont. Capital, $250,-000. Russell E. Shepherd, Pres.; Roy J. Covert, Cashier.
9,356—The Allen County National Bank Of Scottsville, Ky. Capital,$25,000. F. J. Hale, V.-P.; A. S. Gardner, Cashier; W. W. Gard-ner, Asst. Cashier. Conversion of The Allen County Bank orScottsville.
9,357—The Commercial National Bank of Beaumont, Tex. Capital, $150,-000. John C. Ward, Pres.; T. W. Garrett and G. W. Carroll,V.-P's; F. M. Law Cashier. Rupert Cox, Asst. Cashier.
9,358—United States National Bank of Newberg, Ore. Capital, $50,000.J. L. Hoskins, Pres.; S. I.. Parrett, V.-P.; J. C. Coicord, Cashier;W. E. Crozer, Asst. Cashier. Conversion of the Bank or Newberg.
VOLUNTARY LIQUIDATIONS.Alvord National Bank, Alvord, Tex., Jan. 16 1909.Farmers National Bank of Midlothian, Tex., Feb. 20 1909.First National Bank of Hastings
', Okla. Feb. 27 1909.
First National Bank of Cordell, Okla., Feb. 5 1909.First National Bank of Waukomis, Okla., Feb. 10 1909.First National Bank of Terral, Okla., Feb. 12 1909.American National Bank of Winchester, Tenn., March 19.909.First National Bank of Sayre, Okla., Feb. 20 11109.First National Bank of Elk City, Olfia., Feb. 23 1909.National Exchange Bank of Springfield, Mo., March 10 1909.
DIVIDENDS.
The following shows all the dividends announced for thefuture by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company,
Railroads (Steam).Atlantic Coast Line RR Beech Creek, guaranteed (guar.) Belt Ry. of Chicago (guar.) Boston & Albany (quar,) Boston & Maine (guar.) Canadian Pacific, common Common (extra) Preferred
Chicago & Eastern Ill., pref. (guar.)._ Chicago & North Western, pref. (guar.).Chicago & Western Indiana (guar.).—Chicago Rock Island & Pacific (guar.)._elev. Cine. Chic. dr St. L., pref. (guar.)Col. & Southern 1st & 2d preferred__ _Delaware & Hudson (guar.) Grand Trunk Ry.—Guaranteed stock First preferred Second preferred
Interborough Rapid Transit (quar.)_ _Kansas City Southern, pref. (guar.) Manhattan, guar. (guar.) Minn. St. P. & S. S. M., corn. (No. 12).._
Preferred (No. 12) N. Y. Central & Hudson River (guar.)._N. Y. Lack. & Western, guar. (guar.)._N. Y. N. H. & Hartford (quer.) Pitts. Bessemer & Lake Erie, commonPitts. Ft. IV. & C., reg. guar. (quay.) Pitts. Ft. IV. & C., special guar. (guar.) Pitts. Youngst. & Ashtab.,comApref.Reading Company, 2d preferred St. Louis & San Francisco—
Chic. & E. Ill. pf. tr. certfs. (guar.).-K. C. Ft. S. & M. pt. tr. cents. (qu.)
Mobile & Ohio trust certificates Toledo St. Louis & Western, preferredUnion Pacific, common (guar.)
Preferred West Jersey & Seashore
Per WhenCent. Payable.
Books Closed.Days Inclusive.
234 May 10 April 29 to May 101 April 1 [folders of rec. Mch. 232 Mch. 31 Not closed.2 Mch. 31 Holders of rec. Mch. 6a134 April 1 Holders of rec. Mch. 103 Mch. 31 Mch 2 to Apr. 134 Mch. 31 Mch. 2 to Apr. 12 Apr. 1 Mch. 2 to Apr. 1134 April 1 Holders of rec. Mch. 202 April 1 Holders of rec. Mch. 15134 Mch. 31 Not closed.134 April 1 Holders of rec. Mch 19a131 April 20 Holders of rec. Mch. 202 April 1 Niche 21 to April 1234 Mch. 20 Holders of rec. Feb. 27
2 April. 5 April. 2)4 April. 234 April 1 Mch. 20 to Mch. 311 April 15 Holders of rec. Mch. 31134 April 1 Mch. 13 to Mch. 243 April 15 Holders of rec. Mch. 26334 April 15 Holders of rec. Mch. 26134 April 15 Mch. 27 to April 21154 April 1 Holders of rec Mch 152 Mch, 31 Holders of rec. filch. 15134 April 1 HolderS of rec. Mch. 15134 April 6 Mch. 14 to April 613% April 1 Mch. 16 to April 1334 Mch. 25 Holders of rec. Mch. 152 May 10 Holders of rec. April 22
134 April 1 Mch. 18 to April 11 April 1 Mch. 18 to April 1134 April 1
2 April 1 Moll. 16 to Mch. 312 April 15 Holders of rec. Bich. 31234 April 1 Holders of rec, filch. la2 April 1 Holders of rec. Mch. la2 April 1 Holders of rec Mch. 15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NUR. 20 1909.1 THE CHRONICLE 727
Name of Company.T Perreent.
WhenPayable.
Books Closed.Days Inclusive.
Street and Electric Railways.American Cities Ry. & L., pre/. (qua?.) Bangor fly. & Electric (guar.) Brooklyn Rapid Transit Co. (No. 1) Chicago City By. toner) Houghton Co. (Mich.) Tr.,pref.(No. 14)Philadelphia Traction Portland Ry.,L.&P., pref. (qu.) (No.11)Ridge Ave. Passenger, Phila. (guar.) St. Jos. Ry.,L.,/f.&P., pref. (qu.)(No.26)Seattle Electric, pref. (No. 17) Springfield (Ill.) By. dc Light (quar.) Toronto Railway (guar.) Tr -City Railway & Light, pub (guar.)._ _Twin City Rap. Transit, Mtnn., pf. . (quar.)Union Traction of Indiana, preferred United Rys. of Si. Louis, pref. (guar.). _ _United Trac. & Elec., Providence (guar.)West End Street, Boston, common.West IndiaElec.Co.,Ltd.,com. (qu)(No5
Banks.Coal & Iron Nat. (guar.) Hanover National (guar.) Mechanics' National (guar.) Metropolitan (guar.) Nineteenth Ward (monthly)
Trust Companies.Columbia (guar.) (No. 1) Equitable (guar.) Fifth Avenue (guar.) Guaranty (guar.) Lawyers' Title Ins. & Trust Long Island Loan de Trust, Bklyn. (guar.).Mercantile (guar.)
, Metropolitan (guar.) (No. 49) New York (guar.) Tile Guarantee & Trust (guar.) Trull Company of America (guar.) Washington (guar.)
Preferred (guar.) American Can, preferred (guar.) American Caramel, pref. (guar.) Amer. Car & Fdy., corn. (guar.) (No.26)
Preferred (guar.) (No. 40) American Express (guar.) American Malting, preferred American Malt Corporation, preferred Am. Iron, & Steel corn. & pref. (guar.)American Pipe & Construction (quar.) American Radiator, common (quar.) Common (extra)
American Snuff, common (guar.) •-• Preferred (guar.) Am. Sugar Mfg., corn. & pref. (guar.)American Telephone & Telegraph (guar.).American Tobacco, preferred (guar.)._Amer. Typefounders', common (guar.)._
Preferred (guar.) American Woolen, pref. (guar.) (No. 40)._Bell Telephone of Canada (guar.) Brooklyn Union Gas (No. 34) Cambrla Iron Canadian Gen. Elec., Ltd., corn. (guar.)
Preferred Celluloid Company (guar.) Central Coal & Coke, common (quar.)
Preferred (guar.) Central Leather, pref. (guar.) Ch. June. Rys. & U. Stk. Yds.,com.(qu.)
Preferred (extra) Cumberland Tel. & Tel. (qs.) (No. 102)..Dominion Coal, common (guar.) Duluth Edison Electric, pref. (qu.) (No.12)du Pont(E.I.) do Nemours Powd.,pf.(qu.)Eastman Kodak. common (guar.) Common (extra) Preferred (quar)
Evansville Light, pref. (guar.) General Chemical, preferred (guar.) General Electric (guar.). General Motors, preferred Great Lakes Towing, pref. (guar.) Guggenheim Explor. (guar.) (No. 25)._Homestake Mining (monthly) International Nickel, pref. (guar.) International Silver, pref. (guar.) Internat. Smokeless Pow. dz Chem., cm_ _Mackay Cos., corn. (guar.) (No. 16)..
Preferred (guar.) (No. 21) Massachusetts Gas Companies, commonMassachusetts Lighting Cos. (quar.) Mergenthaler Linotype (guar.) Michigan Light, common (guar.)
Preferred (guar.) Michigan State Telephone, pref. (guar.).Nat. Biscuit, corn. (guar.) (No. 42)....National Enam. & Stamp., pref. (qu.)._National Lead. common (guar.) (N0.21)National Licorice, preferred National Sugar Relining, preferred National Surety (guar.) New York Dock, preferred Niles-Bement-Pond, common (quar.) North American Otis Elevator, common
Preferred Peoria Light, preferred (guar.) Phelps, Dodge & Co Procter trz Gamble, pie!. (guar.) Quaker Oats, common (guar.) Common (extra)
1 Mch. 23 to April 11 Holders of rec. Mch. 201 Holders of rec. Mch. 1030 Mch. 7 to Mch. 161 Holders of rec. Mch. 171 Holders of rec. Mch. 61 Holders of rec. Mch. 151 Holders of rec. Mch. 151 Holders of rec. Mch. 151 Holders of rec. Mch 101 Holders of rec. Mch.19a1 Holders of rec. Mch. 151 Holders of rec. Mch. 231 Holders of rec. Mch. 191 Holders of rec. Mch. 261 Mch. 26 to Mch. 311 Mch. 17 to April 11 Mch. 23 to April 11 Mch. 25 to April 1
I Holders of rec. Mch. 101 Mch. 21 to Mch. 31I Holders of rec. Mch. 20I Mch. 21 to Mch. 31
31 Holders of rec. Mch. 25
2 Mch. 31 Mch. 28 to Mch. 314 Mch. 31 Holders of rec. Mch. 293 Mch 31 Holders of rec. Mch. 305 Mch. 31 Holders of rec. Mch. 313 April 1 Mch. 17 to April 1
3 April 1 Holders of rec. Mch. 205 Mch. 31 Mch. 25 to Mch. 316 Mch. 31 MO. 20 to Mch. 318 Mch. 31 Mch. 24 to Mch. 31
5 Mch. 31 Holders of rec. Mch. 232 April 1 Holders of rec. Mch. 203 April 1 Mch. 26 to Mch. 31
14 Mob. 31 Itch. 21 to April 13 April 15 Mch. 16 to Mch. 31134 April 1 Holders of rec. Mch. 20134 Mch, 31
Mch. 31 April 1 Holders of rec. Mch 17aApril 1 HOlders of rec. Mch. 11
% April 1 filch. 12 to Mch. 21134 April 1 Mch 12 to Mel. 21$3 April 1 Holders of rec. Feb. 27$1.56 May 1 April 16 to May 2234 May 3 Holders of rec. April 1514 April 1 Holders of rec. Mch. 202 April 1 Holders of rec. Mch. 15134 Mch. 31 Mch. 25 to Mch. 312 Mch. 31 Mch. 25 to Mch 311 April 15 Mch. 27 to April 114 April 1 Mch. 13 to Mch. 185 April 1 Holders of rec. Mch. 13134 April 1 Holders of rec. Mch. 1314 April 2 Holders of rec Mch. la2 April 15 Holders of rec. Mch. 311% April 1 Holders of rec. Mch. 151 April lb Holders of rec. April 10134 April 15 Holders of rec. April 10134 April 15 Mch. 27 to April 52 April 15 Holders of rec. Mch. 213 April 1 Feb. 18 to Feb. 282 April 1 Holders of rec. Mch. 1514 April I Mch. 15 to Mch. 31
334 April I Mch. 15 to Mch. 31April 1 Mch. 10 to April 1
1% April 15 April 1 to April 1714 April 15 April 1 to April 1714 April 1 Holders of rec. Mch. 102 April 1 Holders of rec. Mch. 1114 April 1 Holders of rec. Mch. 1114 April 1 1 April 1 Mch. 21 to April 11 April 10 Holders of rec. Mch. 311 April 10 Holders of rec. Mch. 312 April 1 Mch. 20 to April 11 April I Holders of rec. Mch. 19134 April 1 Holders of rec. Mch.17a14 April 26 Holders of rec. April 15234 April 1 Holders of rec. Feb. 275 April I Holders of rec. Mch. 2134 April 1 Holders of rec. Feb. 27134 April 1 Holders of rec. Mch. 19a134 April 1 Holders of rec. Mch. 222 April 15 Holders of rec. Moll. 5a334 April 1 Mch. 21 to Mch. 3114 April I Mch. 16 to April 1234 April 1 Holders of rec. Mch. 1950c. Mch, 25 Holders of rec. Mch. 20134 May 1 April 11 to May 214 April 1 Feb. 28 to April 1
34 April 1 Holders of rec. Mch. 201 April 1 Holders of rec. Mch 13a1 April 1 Holders of rec. Mch 13a1 April 1 134 April 15 Holders of rec. April 1234 Mch. 31 Mch. 15 to Mch. 311 April 1 Holders of rec. Mch.19a134 April 1 Holders of rec. Mch.19a
134 May 1 April 18 to May 2134 April 15 Holders of rec. Mch 29
Mch. 31 Mch. 12 to Mch. 31151 April 1 Mch. 13 to Mch. 1614 Mch, 31 Mch 26 to Mch. 31134 April 2 Mch. 21 to April 22 April 1 Mch. 21 to April 12 April 15 Holders of rec. April 114 Mch 20 Mch. 14 to Mch. 2114 April I Holders of rec. Mch 15a134d April 15 April 1 to April 15134 April 15 April 1 to April 15134 April 1 Holders of rec. Mch.19a234 Mch. 31 Mch. 27 to April 62 April 15 Holders of rec. Mch.31a134 April 15 Holders of rec. April 634 April 15 Holders of rec. April 5
$1 Mch. 22 Mch. 2 to Mch. 3134 Mch, 20 Mch. 11 to Mch. 21234 Mch, 31 Holders of rec. Mch. 15134 Mich. 31 Holders of rec. Mch. 152 April 1 Holders of rec. Bich. 121 Mch. 15 Holders of rec. Mch. 101% April 1 Holders of rec. Mch. 181 April 20 Holders of rec. April 714 April I Holders of rec. Mch. 20134 April 5 Holders of rec. Mch. 13134 April 1 Itch. 24 to April 1
Mch. 31 Mch. 16 to Mch. 311 April 15 Mch. 16 to April 153 April 10 April 1 to April 10334 April 1 Holders of rec. Mch. 194 April 1 Holders of rec. Mch. 19134 April 1 Mch. 18 to April 12 April 15 Holders of rec. Mch. 262 April 15 Holders of rec. Mch. 31
U. S. Finishing, pref. (guar.) (No. 39).__Common (No. 1) 1
United States Leather, pref. (quar.) U. S. Steel Corp., coin. (qu.) (No. 21)._Utah Copper (guar.) 50c.Virginia-Carolina Chem., pref. (guar.) 2Western Union Telegraph (guar.) 34Westinghouse Air Brake (guar.)
Holders of rec. Mcg.f 15Holders of rec. Meh.45Holders of rec. Mch. 115Holders of rec. Mch. 0Holders of rec. Itch. 20Holders of rec Mch..10/deb. 16 to Apr11,19Holders of rec Mch.,19April 1 to Aprililfr
Holders of rec. Mch. 20April 2 to April 10.
a Transfer books not closed. b Also 10% In common stock. d declared.134% Payable April 15 and 134% Payable Oct 15.
Auction Sales.-Among other securities the following, notregularly dealt in at the Board, were recently sold at auction,By Messrs. Adrian H. Muller & Son:
Stocks.100 Mexican Lead Co. corn_ _32750 Tiffany Electric Mfg. Co.,
Imports and Exports for the Week.-The following 'arethe imports at New York for the week ending March 13; alsototals since the beginning of the first week in January:
Total 10 weeks $170,079,404 $113,839,920 $183,473,4851$149,279,760I
The following is a statement of the exports (exclusive ofspecie) from the port of New York to foreign ports for theweek ending March 13 and from Jan. 1 to date:
The following table shows the exports and imports ofspecie at the Port of New York for the week ending March 13and since Jan. 1 1909, and for the corresponding periodsin 1908 and 1907:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK
aGold.
Exports. Imports.
Week. Since Jan.1 Week. Since Jan.1
Great Britain • 1,420,000 $1,591,020 $26,304 $57,945France _ 5,420,000 289,500 1,129,779Germany 199 199West Indies 903,050 1,373,550 1,000 140,839Mexico 2,000 88,213South America 1,500,000 12,466,000 215,798 733,916All other countries 9,925 75,488 511,100
Of the above imports for the week in 1909, $1,000 wereAmerican gold coin and $1,430 American silver coin. Ofthe exports during the same time, $1,527,900 were Ameri-can gold coin and $__ __ were American silver coin.Boston and Philadelphia Banks.-Below is a summaty of
the weekly totals of the Clearing-House banks of Boston andPhiladelphia.
We omit two ciphers (00) in all these figures
CapitalBanks. and Loans. Specie. Legals. Deposits. a Circu- Clearings.
a Including Government deposits and the item "due to other banks." At BostonGovernment deposits amounted to $767,000 on Mch. 13, against $765,000 on Itch. 6.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
728 THE CHRONICLE Lxxxvin.
Statement of New York City Clearing-House Banks.-Thedetailed statement below shows the condition of the NewYork Clearing-House banks for the week ending March 13.
Totals, Average 126,350,0 168,258,9 1305,353,7 271,330,3 80,159,9 1352,149,0 26.0
Actual figures March 13 1308,622,1 271.995,7 80,466,2 1356,258,3 26 0
On the basis of averages, circulation amounted to $48,549,700 and United Statesdeposits (included in deposits) to $2,423,700; actual figures March 13, circulation$48,362,200; United States deposits $2,434,100.
The State Banking Department also now furnishes weeklyreturns of the State banks and trust companies under itscharge. These returns cover all the institutions of this classin the whole State, but the figures are compiled so as todistinguish between the results for New York City (GreaterNew York) and those for the rest of the State, as per thefollowing:
STATE BANKS AND TRUST COMPANIES.
Week ended March 13.State Banks
inGreater N. Y.
7'rust Cos.in
Greater N. Y.
Stale Banksoutside of
Greater N. Y
Trust Cos.outstde of
Greater N. Y.
Loans and investments- 300,997,200 983,612,300 81,536,600 128,093,900Change from last week_ +821,700 +571,200 +565,000 +1,209,200
Specie 48,702,300 123,496,000 Change from last week_ +559,400 -1,439,200
Legal-tend's & bk. notes_ 26,952,800 11,763,400 Change from last week. -:390,200 -17,300
Deposits 349,194,500 1,102,726,800 86,683,400 136,584,900Change from last week- +756,000 -3,949,500 -44,600 +485,500
Reserve on deposits 95,966,800 143,534,600 18,730,900 20,823,800Change from last week_ +544,900 -142,400 -369,500 -287,800
P. C. reserve to deposits_ _ 28.0% 17.8% . 22.3% 15.8%Percentage last week_ 27.8% 17.7% 22.7% 16 0%
+Increase over last week. - Decrease from last week.Note.-"Reserve on deposits" includes, for both trust companies and State banks,
not only cash items but amounts doe from reserve agents. Trust companies In NewYork State are required by law to keep a reserve proportionate to their deposits,the ratio varying according to location as shown below. The percentage of re-serve required Is computed on the aggregate of deposits, exclusive of moneys heldIn trust and not payable within thirty days, and also exclusive of time deposits notpayable within 30 days, represented by certificates, and also exclusive of depositssecured by bonds of the State of New York. The State Banks are likewise requiredto kOep a reserve varying according to location, but In this case the reserve is com-puted on the whole amount of deposits, exclusive of deposits secured by bonds ofthe State of New York.Reserve Required for Trust Companies -Trust Co's- -State Banks -
and State Banks. Total Of Total Of,Reserve which Reserve which
Location- Required. in Cash. Required. in Cash.Manhattan Borough 15% 15% 25% 15%Brooklyn Borough (without branches in Manhat.)15% 10% 20% 10%Other Boroughs (without branches in Manhattan).15% 10% 15% 7J, %Any Borough with branches in Manhattan 15% 15% 25% 15%Elsewhere in State 10% 5% 15% 6%The Banking Department also undertakes to present
separate figures indicating the totals for the State banks andtrust companies in the Greater New York not in the ClearingHouse. These figures are shown in the table below, as arealso the results (both actual and average) for the Clearing-House banks. In addition, we have combined each corre-sponding item in the two statements, thus affording an aggre-gate for the whole of the banks and trust companies in theGreater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended March 13Clear.-House
Banks.ActualFigures
Clear .-HouseBanks.Average.
iState Banks &Trust Cos. notIn Aver.
Total of ailBank.s& TrustCos. Average.
Loans dr investments__ 1,308,622,100 1,305,353,700 1,077,064,100 2,382,417,800Change from last week -3,227,000 -7,278,800 +1,152,300 --0,126,500
Deposits 1,356,258,300 1,352,149,000 a1,035,748,000 2,387,897,000Change from last week -4,204,800 -8,801,900 -2,000,600 -10,802,500
Specie 271,995,700 271,330,300 129,930,700 401,261,000Change from last week +919,100 +214,800 -1,346,600 -1,131,800
Legal-tenders 80,466,200 80,159,900 b21,044,300 101,204,200Change from last week -965,900 -744,500 -27,300 -771,800
Aggr'te money hold'gs 352,401,900 351,490,200 c150,975,000 502,465,200Change from last week -46,800 -529,700 -1,373,900 -1,003,600Money on deposit withother bks. & trust cos. 25,272,100 25,272,100Change from last wk. +1,823,200 +1,823,200
Total reserve 352,461.900 351,490,200 176,247,100 527,737,300Change from last wk. -46,800 --529,700 +449,300 -80,400
Percentage to depositsrequiring reserve 26.03%1 26.03% 19.20%
Percentage last week 25.94% 25.90% 19.10%
Surplus reserve 13,397,325 13,452,950
a These are the deposits after eliminating the item "Due from reserve neposl-tortes and other banks and trust companies in New York City;" with this itemincluded deposits amounted to $1,215,677,200, a decrease of $3,297,500 fromlast week. In the case of the Clearing-House banks, the deposits are "net" bothfor the average and the actual figures. b Includes bank notes. C Of this amountState banks held $15,715,600 and trust companies $135,259,400.
The averages of the New York Clearing-House bankscombined with those for the State banks and trust companiesin Greater New York outside of the Clearing House compareas follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES INGREATER EW YORK.
Reports of Non-Member Banks.-The following is thestatement of condition of the non-member banks for theweek ending March 13, based on average daily results
We omit two ciphers (00) in all these figures.
Banks Capi-tal.
Sur-plus.
Loans,Disetsand
Invest-ments.
Specie.
N. V. City.Boroughs ofMan .itBrxWash. H'tsCentury ___Colonial ___Columbia _-Fidelity ..--Jellerson. _Mt. Morris.Mutual _19th Ward_Plaza 23d Ward_Union ExchYorkville .._Coal&I.NatNew NethldBatt P. NatBorough of
Brooklyn.BroadwayMfrs' Nat_ _Mechanics'Nassau Nat.Nat. City North Side_Jersey City.First Nat flud Co NatThird Nat_Hoboken.
Aanking and financial.We shall be pleasod to furnish to institutions and investors copies
of our special circular describing43 RAILROAD BONDS
Listed upon the New York Stock Exchange
Spencer Trask &WILLIAM AND PINE STS.. - • NEW YORK
Branch offices: Chicago. III., and Albany, N.
MOFFAT & WHITEMembers New York Stock Exchange
5 NASSAU STREET. HANOVER BANK BUILDING
DEALERS IN INVESTMENT SECURITIES.Commission Orders Executed for Cash Oily.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAR. .29 190941 THE CHRONICLE 729
Alan hers Oautti.tr ail Street, Friday Night, March 19 1909.
The Money Market and Financial Situation.---Two eventsof the week have attracted especial attention in Wall Street.We refer tO the °introduction in Congress 'of the revised tariffschedules of the Ways and Means Committee on Tuesdayand later to the advanee in foreign exchange rates to thehighest quotations reached since the panic in 1907. Thelatter has, of course, 'resulted in heavy 'gold exports, theshipments for the week practically, all of which is going outto-morrow, amounting ,to $3,300,000. In !connection withthis movenient the international trade statistics for Februaryare significant. They show a large decrease in exports andan increase of imports as compared with last year, and onlya small net balance in our favor-the small*, it is reported,for any month in Several years past.Among other matters of interest was the publication of the
United States Steel Corporation's annual report for 1908.The result,of the year's operations had been foreshadowed inthe quarterly 'eports, and therefore the large decrease in thevolume of business and of, net earnings caused no surprise.More importance seemed to attach to the new tariff rates oniron and steel and to:, future probabilities of the ironindustry than to any record or revieW, of the past.
Accompanying a rather sharp break in the price of wheaton Thursday was discussion of the iMProved condition ofthe winter-wheat crop as a result of recent snow and rain inthe West and Southwest.
Notwithstanding the outward gold movement, notedabove, local money market conditions and rates remainpractically unchanged. •The open market rates for call loans at the Stock Exchange
showed an increase in bullion of .£794,418 and the percentageof reserve to liabilities was 49.41 against 50.64 last week.The rate of discount remains unchanged at 3%, as fixed
Jan. 14. The Bank of France shows a decrease of 10,400,000francs gold and an increase of 1,700,000 francs silver.
Reserve held 351,490,200 Dec. 529,700 323,622,400 254,026,70025% of deposits 338,037,250 Dec. 2,200,475 292,957,325 250,993,600
Surplus reserve 13,452,950 Inc. 1,670,775 30,665,075 3,033,100
Surplus, excl. U. S. dep 14,058,875 Inc. 1,675,425 42,980,200 6,678,950
Note.-The Clearing House now issues a statement weekly showing the totalof the actual figures on Saturday morning. These figures, together with the returnsof separate banks, also the summary Issued by the State Banking Departmentshowing the condition of State banks and trust companies not reporting to theClearing Hosea app•ar on th 3 preceding page.
Foreign Exchange.-The market was generally strongthis week, influenced by a demand for remittance to payfor securities and to transfer credits and by a scarcity ofbankers' and commodity bills. Gold exports to Argentinawere interrupted by the fact that there was no steamer;engagements for next week were 2% millions. Shipments toLondon amounted to $3,300,000.To-day's (Friday's) nominal rates for sterling exchange
were 4 86% for sixty-day and 4 89 for sight. To-day's(Friday's) actual rates for sterling exchange were 4 8630@4 8640 for long, 4 8825@4 8835 for short and 4 8865@4 8875 for cables. Commercial on banks 4 8590@4 86 anddocuments for payment 4 853@4 86%. Cotton for pay-ment 4 85%@4 853, cotton for acceptance 4 [email protected] 86and grain for payment 4 86(4)4 863g.To-day's (Friday's) actual rates for Paris bankers' francs
High 0434 04 94 15 161 95 5-16 ® 9534 I Low 04% 0 9434 1 9534 0 95 5-16
Amsterdam Bombers' Gatklers-High I 40 27 0 40 28 I Low 4020 0 40 27 I --Lem a 1-16 el 1%. d i-22 ol 1%. h 3-32 of 1%.Plus: h 1-16 *1 1%. x 1-16 or 1%. y3-32 of 1%.
The fol lowin were the rates for exchange on New York at, the undermentioned cities to-day: Savannah buying 50c..per $1,000 discount; selling 75c. per $1,000 premium,Charleston selling $1 per $1,000 premium. New Orleans bank75c. per $1,000 discount; commercial $1 per $1,000 discount.Chicago 20c. per $1,000 premium. St. Louis 30c. per$1,000 premium; and San Francisco 50e. per $1,000 premium.
State and Railroad Bonds;-1---Sa1es of State bonds at theBoard $5,000 Virginia 6s deferred trust receipts at 38.The transactions in railway and industrial bonds have
averaged only a little over $2,500,000, par value, daily,and are therefore the smallest of the year. ,
United States Bonds.-Sales of Government bonds at theBoard include $26,000 Pan. Can. 2s, reg., at 101, and $5003s, reg., 1908-18, at 101. The following are the daily closing.quotations; for yearly range see third page following.
*This is the Mice bid at the morning board; no sale was made.
Railroad and 'Miscellaneous Stocks.-Operations in thestock market lave been On a somewhat larger scale thar.last week but are still limited in volume: Prices showed atendency to decline early in the week but the market becamefirmer late on Tuesday and has so continued, but with moreor less irregularity up to the close of business to-day. As aresult a large portion of the list of active stocks closesfractionally higher than last week and a few issues show asubstantial advance.Among the exceptional features is Reading, which ad-
vanced nearly 5 points, and has held a law part of the gain.Chesapeake & Ohio is 3 points higher, Union Pacific nearly .3and St. Paul 2. Other active railway stocks show a netgain except Atchison, North West., Erie and Wabash pre-ferred, which are fractionally lower.Columbus & Hocking Coal & Iron has been the strong
feature of the industrial list, adding over 3 points to theadvance noted last week. American Ice is nearly 2 pointshigher, Smelting & Refining and General Electric over apoint. Steel common sold ex-dividend on Monday, andwith the preferred, Colorado Fuel & Iron, AmalgamatedCopper and Sugar Refining, closes fractionally lower, thanlast week.
For daily volume of business see page 737.The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.Week ending Mch. 19.
SalesforWeek.
Range for Week. Range since Jan. 1
Lowest. Highest. Lowest. Highest.
Ann Arbor Beech Creek Cent dr f33 Amer Teleg_Detroit de Mackinac
Preferred General Chemical, pref._Nat Mex pf tr recta Peoples' Gas L & C rts Rome Watertown & 0g.Rutland, pref St L & S F-C & E Illnew stock trust cents.
Sears, Roebuck & Co, pfUnited Cigar Mfrs, pref_U S Leather, pref Wise Central pref tr rcts_
20 Mch 20 Mch100 Mch 100 Mch105 Jan 11034 Mch40 Mch 40 Mch8734 Mch 8734 Mch9834 Jan 102 Feb38 Feb 44 Feb% Feb 34 Mch
125 Mch 126 Jan28 Mch 28 Mch
6534 Jan 67 Jan101 Jan 11034 Mch99 Jan 10234 Feb115 Mch 128 Mch87 Mch 8734 Meh
Outside Market.-Trading on the "curb" this week wasirregular, the chief activity being confined to a few industrials,which showed a general rise day by day. Mining shareswere generally weak. Boston Consolidated Copper openedat 10%, dropped to 103/ but recovered to 113/2. BritishColumbia dropped from 7 to 6, at which figure it rested to-day. Butte Coalition was inactive, dropping from 23 to 223%.Cobalt Cefitral was affected by rumors to the effect that thedividend would be passed, and receded 9 cents to 38 cents,recovering to 42 cents and sinking again to 40 cents on thedeclaration of a reduced dividend. Cumberland Ely rangedfrom 7 11-16 to 7 13-16. First National Copper started theweek at 6 15-16 and ends at 6%. Giroux from 8% declinedto 83.-i. Goldfield Consolidated rose from 73 to 83 butreacted to 7%. Greene Cananea shows a net loss of X,falling from 93-i to 93. Miami from 134 receded to 123-i,but closes at the former figure. Nipissing fell from 113,-i to10%, closing to-day at 103%. Ohio Copper was a strongfeature, increasing from 7% to 8%. United Copper com-mon gained % %, advancing from 12 to 12. 'Trading inbonds was on a firmer and more regular scale. Argentine 5swere steady at 984. American Writing Paper 5s advancedfrom 833/i to 84. Southern Pacific 4s, ̀ w. '" ranged from
o97 to 97 -16. Western Pacific 5s dropped from 953A to
953/8, to-day's figure. The rise in American Tobacco andStandard Oil, which were features last week, continued.The former, after an early drop to 360, recovered to 369.Standard Oil was marked by a rise from 666% to 673.United Cigar advanced from 56 to 60 and closes at 5932.
Outside quotations will' be foudd on page 737.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
New York Stock Exchange-Stock Record, Daily, Weekly and YearlyOCCU1'YI1I14 TWO PAGES
Range :;t7tee Jai 1 1909 U Ran,* iar Pleotouson basis of lee-share tots Year (1908)
LrAcett
RailroadsA tch Topeka & SantaFerx Do pret A tlantle Coast Line RR....
aitlrnore & Ohio I-, Do pret Brooklyn Rapid ransit _Buffalo & Silaque. pret
anadlan Pacific k anada Southern Central of New Jersey Chesapeake de Ohio Chicago do Alton RR......_Do pre(
Chicago Great' Western Do 4% debentures Do 5% pref -A" Do 4% pref "13'
Chicago Mllw & St Paul_Do pre(
Chicago & North WesternDo pref
Chic St P Minn & OmahaDo pret
Chic Un Trac etls stmpdDo pret ctis stmpd
Cleve On Chic & St L Do pref
Colorado & Southern Do 1st preferred Do 26 preferred
Qel/mare de Hudson etaware Lack & West_
Denver & Rio Grande Do pret
Detroit United Duluth So Shore & AtianDo pret
ErleDo let pre( . Do 2d pref
Great Northern pret Iron Ore
properties..- _
Green' Bay 0c W.cleb ctfBavsna Electric
II Do pret Flocking Valley tr rcts Do oref ilinols Central
Interboro-Met ropolltan_Do pret
Iowa Central Do nret C Ft S & 131 tr cfs.pree
manses City Southern....Do pref
ake Erie & Western IA Do pret Long Island Louisville do Nashville
anhattan Elevated • etropolitan Street Mex Cent Trust cents MInneapolis & St Louis....Do pret
Mlnn St P & SS Marie Do pret
Mo Kansas dc 'texas Do pret
Missouri Pacific ki ash Chan de St Louis_1,1 y Central & Hudson..N Chic & St Louis Do 1st pret Do 2d pref.
NYNH & Hartford N Y Ontario & Western_Norfolk & Western Do adjustment pref
Northern Parifl-OacIfle Coast Co L Do 1st pref
Do 26 pref Pennsylvania Pittsb Cin Chic & St L....
nref
Re t endings p re t
2d pret Rock Island Company Do pret
St L & San Fr, 1st pref_Do 2d pret
St Louis Southwestern Do pref
Southern Pacific Co Do pref
Southern v tr cfs stmpd_Do pret do
Texas & Pacific third Avenue (N Y) -Toledo Railways ea LightToledo St L & Western Do _pre f
TwinClt,v Rapid Transit_inlon Pacific
V.) Do pref Unit Rys Inv't of San FrDo pref U] abash
Do t
Western Maryland VI/Peeling & Lake Erie......Do 1st pre Do 2d pret
WisconsIn Central 13,3 ',ref
9778 Jan 1310014 Jan 2010712 Jan 1410312 Feb 2302 Feb 367 Jan 9463 Mehl°x165 Mch 36014 Jan 11215 Feb 23
5655.3 7'3 jFaenb 249
74114 MP ech '18460 Jan 2225 Jan 13512 Mch19
11743118 1.}:eebb 224315813 Mch15
x2105581.4 JMa cn 2h 11 3555 Jan
16613 Jan 30
1414 Feb 265t8718
Jan
nn 250100 Jan 4
77361142 .Jjaann 22
176973124
Jan
2(415:35 Feb 63753Jan 6
56 Jan 31,318511: Jlaieniii:28 Feb 232263 Mcial
21313 Mehl'13653 Feb 246618Mch12813418 Fyeebb 25639 Feb
103 Jan 4388 Mch 813/ Feb 2;1313 Feb 2433 Feb 2427 Feb 245412 Jan 467743784
Feb
bb 22437 Feb 23
1912 Feb 2548 .:an 2359 Jan 4
x121 Jai 2914218 Mch15:5 i .en85192112 Fi ,mieccbhh 160
13212 Jan 2147.? Feb 261512 Feb 2371 Feb 2165 Feb 2412212 Jan 5120,1 M Febc , 5'344:54
,
100 Feb 20
1578715 FMe(131 244214 Feb 248414 Jan 68534 Jan 281733614 Fmeebh 234
10438 Itch 2102,13 me, 1112213 Mch1511212 Jan0412 Mch 157.378 ii 3*63 Mehl°17814 Jan 40514 Jan 15235 Jan 87138 Mch1970,4 Jan 77614 Jaa 8111, Jan 26118 Jan 2037 Jan 41413 Jan 2
15134 Jal'. 4167 Jan 25135 Jan 25425 Jan 5156 Jan 5169 Jan 957 Jan 41814 Jan 277912 Feb 16103 Feb 116814 Jan 88512.Jan 88412 Jan 7182 Jan 4
3550 Jan 44873 Feb 590 Feb 106212 Feb 2021 Jan 153612 Jars 153434 Jan 25113 Jan 24012 Jar. 414814 Jan 474 Jan 2717 Jan 44012 Jan 118412 Mch 1106 Jan 1293 Jan 21149 Jan 419 Jan 54938 Jan3414 Jan 186134 Jan 197614 Mehl°4714 51 67434 Jan 824 Jan 254 Feb 166612 Jan 19131 Mch184536,1an 442 Jan 525143..n 465 Jan ' 890 Jan 814913 Jan159 Jan 74473 Jan 227514 Jan 217. 33Feb 5125 Jan 1813234 Jan 457 Jan 4100 Feb 208/ Feb 4
16334 Jail 84914 Jan 49138 Jai 2(1ss Jan 2014314 Jan 283 Jan 7
182061182 Jan
8Feb '13
104 Feb 10115 Feb 23900 }F'eebb 2u1
20/8 Feb 24576758 JFaerib 2134
36 Feb 232012 Feb 254712 Jan 6
11458 Feb 2411834 Feb 24'12 Feb 2460 Jan 530 Feb 24:3433 Mch 1911 Jan 1443 Feb 296434 Feb 2497 Jan 217212 Feb 24x94 Men 130 Feb 25
515014 FF ee bb 22:5'41 Feb 23
1893313 Feb 6l6
'0 Feb 21321738 ,FTaenb 2t6
135 Jan 494 Feb 410812 Jan 2814438 Jan 493 Jan 59312 Jan 52618 Jan 86514 Feb70 Feb 1(42 Jan 22458 Feb t5414 Ja-. 412112 Jan 2212312 Jan 272718 Jan 265 Feb lb3734 Feb4212 Jan 181538 Jan 2531 1 Jan 147414 Jan 4107 Feb 1518413 Jan 297 Jan 837 Jan 465 Ja:•. 71934 Jan 262 Jan b2573 Feb1273 Jan 42578 Jan1518 Jan t5112 Mch :
190 Jan 20 191 Feb ...3 104 Jan i200 Ana:*1212 1312 *13 14 1312 1312 1353 1'3.38 41334 1334 13 1312 870 ills-Claimer, 1234 Feb 24 355 Jan 27 5 aid, 1633 Dec
Do pref *41 42 41 4158 42 4312 43 4338 *4112 4312 * 41 44 2,000 38 Feb 24 50 Jan 2 14 atell 5234 Dec
0773 0814 6612 68 6653 6814 6733 6834 6734 6838 6778 09 157,800 Amalgamated Copper 65 Feb 26 8434 Jan : 4518 Feb 8838 Nov
*3614 37 *36 371s 3634 38 38 3812 3714 38 3634 3(534 2,2550 Amerl:io reAgricultural Chem_ 3312 .)an 5 4078 Jan 2:1 13 Jan 35 Nov
*98 100 *94 100 *94 9 00
7 *94 93 98 98 97 97 9513 Jan 18 98 7.14ch 18 781. Jan 56 Is a
251s 2534 2434, 26,8 26 2714 2614 271s 2534 2613 2512 26 23,520 American Beet Sugar 2014 Jan 13 2714 Mch10 912 Feb 247k Ape
8812 8812 ____ ____ *87 8834 8834 8834 *83 89 *____ 8834 267 Do pret82 Jan 7 8334 Mch I. 65 Jan 8134 Dec
8 818 843 818 *3 838 818 813 818 818 818 838 1,550 American Can 712 Feb 23 913 Feb 2 4 Feb 1014 Nov7512 7533 7512 7614 70 7612 x7478 7478 75 75 7414 75 4,270 Do prat 71 Feb 23 171. Feb 2 44 Jan 7978 Nov
48 4812 48 4814 48 4812 4812 49 4834 4914 4838 4834 6,872 American Car & Foundry 4414 Feb 24 5112 Feb 15 7512 Feb 5034 Dec
*81 85 *81 84 83 83 8 8: 8513 8518 *80 86 380 New York Alr Brake 80 Feb 23 92 Jan 5$9438 OctJa 97 Jan
*81
98, s Nov
*115 11612 *115 11712 *11412 117 11578 11578 *11412 116 *11412 116 100 N Y & N .1 Telephone 3113 Jan 7 3i17 Mch , 90 Feb 122 Nov
80 8038 x7912 797s 7838 7838 7833 7838 79 79 79 7914 1,500 North American Co. new 72 Jan 13 8412 Jan 27 4218 Ma 78 Nov
_ 291* 2913 2934 30 30 31 31 3158 3118 3178 3,300 Pacific Mall 2918 Feb 24 363.4 Jan 14 24 Apr 4014 Dec
109121- 8 105- 11034 11314 11214 11334 11238 11334 11214 113 112 11212 20,945 1 eople's G L & C (Chic) 10112 Jan 13 114 Feb 15 Plttsburgh Coal Co 80 Jan nt 46164%2
Dec*10 12 *1012 12 *1012 12 *1012 12 *1012 12 *10 12 1014 Feb '25 13 Jan ,
*40 42 *10 43 *40 42 *4012 44 4212 4212 *40 44 100 Do pref 40 Feb 25 4712 Jan 19 3612 Feb 50 Dec
3533 3512 3514 3512 *35 3512 3514 36 36 308 3618 3658 1,993 Pressed Steel Car 3013 Feb 23 4314 Jan 22 1714 Feb 45 Dec
9714 9714 *97 100 *96 100 *96 100 *96 93 9714 9714 250 Do pref 96 Feb 26 103 Feb 2 69 Jan 10214 Dec
*108 170 *167 16912 169 170 17018 17013 *170 171 §170 170 778 Pullman Company 169 Jan 30 172 Jan 19 147 Jan 174 Nov
*4 5 4 4 4 4 4 4 *4 6 1,000 Do pref 334 Feb 11 614 Jan 16 11' Jan 312 Dec
-5558 -351-2 3513 3514 3512 3512 :3534 30 3638 3613 3618 3612 1,500 D aliw ay Steel Spring 3212 Mch 8 4834 Jan It 2334 Feb 4914 Dec
*9314 10114 *9814 101 *9814 101 100 100 *9814 1(11 *9814 101 100 1 1, Do pret 9472 Feb 74 103 Jan (3 75 Jan 120,3 Decv
20 20 2() 2014 20 2014 2012 2038 2012 2012 21 21 2,650 Re_pubilc Iron & Steel 1658 Feb 2:3 2612 Jan s 1434 Feb
*70 72 7112. 7112 57212 7212 *71 7:3 *70 73 7014 71 070 Do pref 6718 Feb24 8814 Jan 22 63 J'no 8913 Nov
*7218 73 7212 721. 73 73 72 74 7218 7214 72 7218 3,100 4,;loss-Shettleld Steel as Ir 65 Feb 23 8118 Feb 9 'al Jan_ 1. Do pret
Nov
. INeo0 Dec
*10714 _ *10S *103 ____ *103 ____ *108 ____ *106 )0738 Feb 20 10978 Jan 27 8712Jan 1810:14!___4158 -4112 4173 -417-8 4012 41,31 4031 4 118 4034 4114 4133 4218 ---------- dTennessecCopper Par$25 83434 Feb 20 849 Jan 4 52512 Feb Z52
*80 8134 *80 8412 *50 8434 8434 843.1 *84 8478 *83 8473 7(10 Texas Pacific Land Trust 8012 Feb 23 8518 Jan 19 45 Feb
914 914 *914 10)2 *10 1013 10 10 1014 1014 *1014 11112 350 I I Mon Bag & Paper.- 914 Feb 24 1112 Jan 12 4 Feb L I Do pret 4'67 69 *67 69 *67 69 *07 09 *07 09 *67 09
3413 Dec
66 Jan 8 6934 Jan 22 4478 Jan 6634 Nov
*2514 23 2612 261* *26 28 2718 2718 27 27 27 27 740 U S Cast I Pipe 4!c Foundr 2438 Feb 24 3034 Jan 9 1712 Feb 3078 Dec
*11(1 72 *60 73 *60 73 *60 73 *66 73 7012 7012 150 Do prof 70 Mch 2 77 Jan 8 5053 Jan 7878 Aug
*82 35 *82 85 *82 85 *82 85 *82 85 83 33 100 United States Express 82 Feb 10 85 Jar 21 70 Feb 90 Jan
7014 7212 72 7213 7134 72 71 72 7134 72 7173 7314 10.475 U S Realty & Improvern't 64 Feb 23 7314 tach19 3614 Feb 69 Nov
*7 1213 *7 1212 *7 1212 *7 1212 *712 1212 *7 1212 U 8 Reduction & Reilreg 10 alch12 1338 Jan 7 4 Feb 1514 Aug
*2(3 30 *26 31 26 28 26 26 *26 :30 2612 2612 300 Do pref 24 Feb 24 32 Jan 19 16 Feb 39 Aug
*291. 3012 *2912 30 2012 2912 *2912 3012 30 :10 *29 31 200 United States [tubber... 27 Feb 24 3412 Jan 2 1734 Feb 3712 Aug
*10213 103 *10212 10:313 10318 10314 10312 10312 *103 10312 *103 10313 410 Do 1st pret 98 Jan 29 107 Jan 11 70 Feb luS Dec
4.68 70 *63 70 *68 70 09 69 *68 70 *05 70 100 Do '2d pre! 6712 Feb 25 7334 Jan 5 42 Feb 7513 Nov
44 4434 x4353 4438 4378 4514 4413 4558 4412 4538 4:'78 4434 347,150 UnIted States Steel 4114 Feb 23 5518 Jan 22 '2534 Jan 57334 Nov
11013 11038 11018 11012 11038 51078 11012 11138 11012 111 11018 11034 19,110 Do prof 107 Feb 23 115 Jan 22 1719 Jan 11458 Nov
*4013 4112 4033 4058 4078 41 41 4114 4112 4112 x41 41 1,600 dUtah Copper__ Par 910 $54918 Feb 76 $4773 Jan 4 20 Jan 55234 Nov
' 4234 43 4213 4314 4314 4314 43 43 4318 4:312 43 43 6,800 Virginia-Carolina Chem 4078 Feb 24 4878 Jan 25 16 ' Feb 4534 Dec
*11212--- *11212 --- *113 ____ *113 110 *115 116 *115 116 Do prof 114 Jan 19 115 Jan 19 r87 Jan 115 Nov
*5713 -60 *5713 -60 *5713 60 457 57 *57 01 457 67 100 VIrgInia Iron Coal & Coke 57 Feb 28 64 Jan 6 43 Jan 08 Nov
*290 335 *290 335 *290 335 *290 335 *290' 335 *290 335% Pens Fargo & Co 300 Jan 5 300 Jan 5 4250 Feb 325 Nov
*6534 66 6512 66 66 06 06 06 500 66 *65 (36 1,050 " "' asternUnion Teieg_ 64 Feb 24 7012 Jan 2 41 Feb 7134 Nov
7738 7712 77 7714 *7(112 7712 78 79 79 7938 79 79 1,900 Westingh'scItl &Mfg erten 74 Feb 24 81318 Jan 4 38 Met 94 Nov
4103 119 5108 117 115 115 *110 119 *110 119 10)) Do 1st pref. 110 Mch 3 120 Jan 4 58 M., 195 Nov .
BANKS AND Taus]: COMPANIES-BANKERS' QUOTATIONS
Banks BUJ Ask Banks 13Ut Ask Trust Co's Bid Ask T rust Co's BUZ Ask Trust Co's But Ask trust Co's Dia Ask
N Y Chi/BrooklynBrooklyn NY LIfeecTr 1100 3120 Brookyln
Borough 11- _ 110 North Side 11 .._ 160 Carnegie __ 135 195 . Guar'ty Tr_ 560
17-i - al Y Trust_ 56 1 571) 3rooklyn Ti 400 415
Broadway 11 )3-5-0 - 910 Peopia's._ 1-55 - Central Tr. 2100 timardlan Tr 160
First i-ii - 110 Commercial 145 -- Tr Clo of Am 305 31 Franklin __ 195 2716-2(10 Law 'T I &T, '230Lincoln 'rr_ I, 143 1-50 - Union Trust 1225 1275 lanillton __ '260 275
Hiliside11 110 )30 Union li _ . _ _ ii,c. 110 Com'wealth 150 -_-_-_-_
* Bld and asked prices no sales on this day. i Less than 100 shares. I Ex-rights. b New stock. I Ex-rily. and rizhts. a Now quoted dollars per share.
I Sale at Stock Exchange or at auction this week. a Trust co.vertitlefttes 11 fianks marked with a paragraph (11) are State banks. ,
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
New York Stook Exchange Bond Record. Friday. Weekty and Yearly1909, the Exchange method of quoting bonds was changed, and prices are now al!,-"and interest"--exekopt for Income and defaulted 5ondS-
•t•HON DS
N. Y. STOCK EXCHANGEWEEK ENDING MARCH 19
ra
a.PrtceFriday
March 19
Week'sRange orLast Sate
No
26
5227
3 1,3 11
1arts
.
....
8169
17043281;
• •....5
12'be
14
...•17
534
62
102 ••
• -...
•
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lb
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116az
4
162
7
(3-1
U. S. GovernmentU S 2a coasol reguitered.d1930U 328 oonsol coupou...41930U S 38 registered k1918U 3s coupon k1918U 3 38 reg small bonds 1C1918U S 3s eon small bonds k1918U S 4s registered 1925U 4.5 coupon 1925US Pan Can 10410 yr 2s.k1936
Foreign GovernmentImperial Japanese Governm'tSterling wan 412s 1191,2250
2t1 series 4128 Sterling loan 48 1931
Repub of Cuba fis erten debt..San Paalo(Braz11) 5s tr recta' it)U h 01 merle° g 58 ot 1899Gold 48 of 1904 1954
State and City SecuritiesDist of Columbia 3-65s 1924Louisiana new consol 45 1914New York City-43 temporary reefs Nov 19584% Corporate Stock
.. 1958
4% assessment bonds 1918New 41-28 1957New 4448 1917449ô Corporate Stock 19574 V. assem8mt bonits 11117400 Corporate Stook 1957N -Y state-Highway 48 1958So Carolina 412s 20-40 1933Tenn new settlement 35 1913Virginia fund deUt 2-3e 199168 deferred Brown Bros Ms.
A IMAMS Cent See SO By1-1.1aba Mlttl See At Coast LineAlbany & Sus See Deldb kindAllegheny Valley See Penn RRAlleg & West See Batt R (111Abu Arbor 1st g 4s 41995Atch T & S Fe-Gleu g 40.11/95Registered 1995Adjustment g 4s 41995Registered 411190Stamped 41995
Cony g 4s 195510-year cony g 58 1917Debentures 44 Serieell 1918Series 1 1911Series K 1913
East Okla Div 1st g 48 1928Short Line 1at 4s g 1958
At' Knox & N See la& AAtlantic Coast 1st g 40.41952Charles do Say 1st g 74 1950Say k' & W 1st gold 138 111341st gold 58 1934
Ala Mid 1st gu gold Ss 1925Bruns& SV lot gu g 45 193eL etc X co/1 g 4s o1952Sil Sp (Ma & gu g 48 ..11112,
Atlantic & Daily See South ityknatth & N W See sod Paella,Ualt & (Mm) prior 1g 3%0.1925I-)Registered 41925Gold 45 A-1948Registered 41948
Pitts June 1st gold 65-1922PJun & Al Div lat g 312811/26PLE& W Vs Sys ref 451941Southw um let g 34e...1925Registered 411125
Motion itiv 1st gu g 54-1918Con Ohio R 1st c g4 48..11130ut tor & W con 1st g us 1933Ohio River UR 1st g 56 1936General gold 68 11/37
Pitts ()WY &Tol 1st g 64 1922Pitts & Wait 1st g 44-1917Stat 181 Ity 1st gu g 4 his 1943
Beech Creek see N 5 U&11Bellev Jo Car see Illinois Cent.Bkiyu & Montauk see Long 1Bruns Je West see Alt Coast LBanal° ISI & Erie See ErieBanal° It Si P gun g 68 11137Cons& 445 11/5..A.li & West let g 48 gu itoue
SiCl Slah 1st gu g bs 11)43Koch & Pitts 1st g as 1921Consul 1st g Os 11/22
Batiste & Southwest Nee ErieBun & base 1st ref g 4s.d11151BurOitSiN Sec 0 It 1 de .1!nin So lst ext 1913
t.f2(1 5.4 1913iteguitered 11/13
CM-b Si Shawn See Ill CentCarolina Cent See Seab Air LCarthage& Ad See IN le ectl HCed It Ia & N See SO Rd, NCan Brand n lty See Alo PaoCent of (Ia RR 1st g 58.41945Cousot gold 158 11145Registered 1945
1st pret income g 6s....p11/45Stamped .
2u prei income g 64....p19452d pi ef income 2 6s stamped
-J
-F-F
-F• F-F
41-1-1
F -AJ J..j
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11.8 M.NM-N M-N31-N M-Nm•N M-NM- s
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A-0A-0NovNov 31-N.1-1)J-1)F -A F -A F -A M- SJ -J
M- sJ•JA-0A-011.NJ -J31-N J -J
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9-13 M-N A-0J-JF -A J-13
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L1'-A31-N11-ti Oct
Oct
Bid Ask10114 1021011, 101 101%101
100 119 119%1204 101 10111
I 92% Salet 917. Stlet 847. Halet1028. SaleII 93, sai.2
98% 9334
lime are pi
108% 96
1017. Sale
11114dale
1114 1117104%
102 Sale112,4
101 9534 90 1,5
8714
W 863410034 Sale100 1007.94 Sale
9414 94%11.1434 Sale106% Sale
97 97%95% Sale
97% Sale13034 128 112 % 116111014 9614
89%96
934 93%1124 93%100. Sale99 994108 89
94349114 91% -91104 102 1133. 113
.11.1./...: ** 97
1174
luU 109 4
11614 118%
1214 122
5914
10634 Sal.102%10234
10214
115 1097.1104
711
60 •bo66 Sal.
Low High10114 Feb'09103 Jan '021035 Jan 01110114 Feb'09107 J'ne'02100¼ Nov'0812014 Nov'08122 Nov'08101 101
93% 933492 Mar'011100% 1007.99 99120 Oct '018914 Jan '099334 9414814 91%89 Oct '061057. Feb'07109 Apr'05113 Feb'01111514 Feb'001114 Feb'091194 Mar'04101 Nov'08
Lou Nov'04
117 14 Feb '09109% 109¼
tut/ Jan '09 103 J'ly '08
119 Mar'01.112114 Mar09
87 % Mar-011
1061/4 106341014 1018',11.1034 bla)'07
116% Feb'09i097. WU .1F113 Apr'0679
78 Leo'08 64 65(55 85
RangeSince
January ,
Low Nigh101% 1021.103 103103% 103%100% 101.4...
HON UsN. Y. STOCK EXCHANGEWEEK ENDING MARCH 19
Cent ot Ga RR-(eon)3t1 prei income g 65.....p19453d pref income g bs stamp° .ehatt Div pur mon g 46.1931Mao & Nor Div 1st g 58.1946At iil ua & AU Div 5s 1947Mobile Div 1st g 54 1946
101 101 Cent ot N J geu'l gold 58.1987
;011 RR & Bot Ga col g 53 1937
Registered 41987Am Dock & Imp gu 55..1911Le .fe kind it gen gu g 54 19211
894 93 N Y & Long Br gen g4c 19418034 3514 Cent Pazitio See So Pacilio Co10134 104 CentVermont 1st gu 94.s.e1.9201192493's Chas & Say See Atl Coast Line
,91Z34 101% elms & Ohio goldes 421911
of g5 to Z.Gen landing & impt 541 1928 1939
1939v.14 94 let cRegisteredonsolg5 a
General gold 4
Big Sandy 1st 48 11989822
hsRegistered
10134 106 Craig Valley 1st g 56- 19401944
101%103 Potts Creek Br let 4s 1946it As A Div lat con g 48 1989
1111.1121.1 2,1 consols 40 104 10434 Warm Spr Val 1st g 56 11889411114112 4 Greenbrier Hy ltitgu g 48 '40104 1044 Oldc & Alt RR ref g 3s 1949101%103 4 Railway 1st lien 310_1930
Registered 10214 1024 Clue Burl& Q-Deny D 44 11992520954 96% General 4s 31,83 4983 Illinois Div 31.8
1938
Registered 11111)44119Ills Div 48 1949Iowa Div sink fund 54 1911)Sinking fund 4s
Nebraska Extension 48 111)92171)
southwestern Div 45 119112271Registered
Joint bonds See Great North84 8714 Delimit-lire 5s 191310014 101% Han & St J os consol 68-191199 10014 Ohio& E Hire( di imp g 45195592 96% 1st consol g 435 19340214 9114 Ueneral cense' 1st 50.-19379214 9514 Registera1 193710214 106 Chic Si Ind C lty bit 5(1 19381053 1077. Chicago Si Erie See Erie Chic In Si Louniv ret 64...1947
Louisv N A Si Ch 1st 6819841ZReluntung gold 5a
97 99 (1111c Mil Si St P term g5s 11/149412 04, Ueneral g 4s series A .e1981)
• Registered 019811944 97% General g 340 series 13 e1089 Chic & L Su Div g 5s ....1921 Chic Si Me Riv Di* 54...19211
...1910 Ohio & Pao Div 68
Chic Si P W lat g 54 1021 Dak & Ut So g 5s 1916
86 1.13 % k'ar Si Sou alisii g us 1924liast Si 1) Div 1st Is 11110
LaCrosse Si D 1st 54 11111/11Dabs
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Sale Ul 1/21/04 9214 11134 Leo'0810134 102% 101% 1021411/6 10434 Oct '0z,100 IOU Feb'01.10114102 102 Mar'/1)
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42lo price Fralay; latest this week. 11F1at. aline Jan a Due Am- e Due .olal spas J'Re ADue 4.13' Aeons Aar Mine Out ii Due Nov 80 Rion Sale
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAR. 20 1909. New York Bond iteCOrd-Continued-Page 2 733
N. Y. STOCK EX cif A N(4EWEEK Emmen MARCH 19
Ohio Rock 1 & P con)Choc Ok & (I gen be .o19111 J •JConsol gold 56 1952 M-N
Keok & Des 51 lat 56 192.; A-0Qhiostb&N0 See III Cent01110 St L & Pitts bee Penn CoOhio St P & 0 con 6.1-1930 J•)Cons Os reduced to 310.1930 J.1)Oh St P & Mimi let g 6s 1918 M•N, Nor Wisconsin 1st ds 1930 J -J
St P & S City let g 18-19111 A • 0Ohio& West Ind gen g 6609:42Consol 50-year 4s 1052.?!.;
Chic & W Allen see Pere Marq()hoc 0 do (lull See C 1 dbUlu Ai 83 It 21 gold 4'.s 193? J-J(Jin D & 1 let gu g 5e 1941 M-NCFhnd&FtWFttgu4su.'33 31-NOin 1 83 W 1st int g 48.1953 J•JDid Deo W lst g 5s 11435 J-Jlst guar gold 5s 1935 J-J
0 IStL.3b (4 See 0 e&tit.LOinS&C BeetICOStLOlearlield & Mali See 11 It & POlev C83)tL gen g 45 1993 J-DOalro Div let gold 46.-1939 J-JChi W & M Div 1st g4a.19111 J • JSt L Div 1st col tr g 4s l9i10 14-18Regietered 1119u 31-N
§pr db Col Div lot g 4e 1944/ 31-SW W Val Div 1st g 46-1940 J -J0 1 St L & C ()ousel 68 1920 M-Nlet gold 4s k1936Registered k1936
Oln Jo CI con let g 56-1925 •J0 0 do 1 consol 76 1914 J -DConsol sink fund 7s 1914 J-14General °mum( gold 615 1934 J-JRegistered 1934 J-J
Ind BL & W tat prot 46 11140 A-00 Ind & W 1st pt6s...s111135 Q-JPeo & East 1st con 40 194u A-0income 48 199) Apr
Clay & Marietta See Penn It 0Olev & Pitta See Penn CoCol Midland 1st g 48 1047 JColorful.) 80 Sou let g 48-1929 F -ABelund db ext 448 1936 M-N
(Joluin & Greenv See so ityCot & Hock Val See Hook Va.Col & Tot See Hock Val001 COLL 83 Term See NConn & Pas Rive 1st g 46.1043 A-0Cuba BR let 50-yr 5 g 1952 J • JI lak & et So se4 & St PAJallas & Waco See di K &Del Lack & Western-Morris & Essex lst7e 1914 M-Nlet consol guar 'is 1915 J-DRegistered 111.1.5 J-1)
Vet my tut Bridge See Pa liltDeny & R Or 1st con g 46.1936 J-JConsol gold 44s 1936 J-Jimprovement gold 56-11125 J1st & refunding be 1955 F•ARio (Jr Juno 1st gu g 56 1939 4-0Rio gr So 1st gold 43- 1940 J -J
1040 J -JGuaranteed Rio fir West let g 44- 1939 J -JInge and col trust 48A 1'34t1 A-0Utah Coot 1st gu g 4s (41917 A-0
Des )Loi& b't It see 51 & stDes Mot Uu Ity 1st g 56-11117 M-Nyet & Mack lot lieu g 45.1995 J-DGold 48 1995 4-1)
Detroit Southern-Oluo Sou Div 1st g 48 1941 M-S
Dul & Iron Range 1st 66-1937 A-0Registered 1937 A-021 66 1916 J-J
Dul Short Line See Nor PaoDui So Shore 83 Atl g58-l937 44L'ast ot Minn Nee t. PAL 04, 311199.at Ten Vs & Oa See So RyICIgin Jot & East 1st g 56.1941 M-NElm Cort & No See Leh& NErni let ext old 4s3 1947 M-N21 ext gold Sis 1911) 31-133d ext. gold 44s 11)23 M'S4th ext gold 156 11,20 A-06th ext gold 46 1925 4-1)let ootisol gold?... 1920 11-S1st cousol g tund 76 1920 M-SErie let con g 4s prior-n:16 4Row:merest 114146 J-J
let coulsot gess lieu g 48 11)116 J-JRegistered WM; J-J
j'euiicohltr g 45 1951 F-A60-year cony 4,4 A 1953 A-0
(10 SeriSeries14_1953 A-0Bun 141 Erie let 78 1916 4-bOhm & Erie let gold 56 1982 M•N()Lev & Mallon Val g 58 11135 4-4Long Docic consol g 6s 1935 A-0Coal& RR let cur gu 68 1922 M-NDock & Imp lst curtle 11413 J-JN 7 & Green L vu ir 58,19411 StN
J-riceYri day
March. 19
liu. Atos1021/4 .1101/4112105 1/4
130 1301/4
1291244115
11297
102% 78 81.4 101 101
9714 9895 9314 96 bal.
96
106 9819 991/497%
1USeig 106
W eels'Range orLast Sate
how /Ito102 Aug'"107 Nov'Ob105 Mar'05
130 13093 Dec '031294 Jall'W1203, Mar'04118 Deo'0511219 Deo'ob971/4 Idar'tel
113 Oct '001024 10214
70 A ug'09901/4 Jan '01)1071/4 Deo '02
974 97%95 Mar'09954 Oct 'Or96 9691 Oct '0792 Feb-0898 Sep '06105 Jan '041181/4 51ar'091)7 s set 'oz.,.110 Dee '1)811434 Sep '0,
Y Sus & W 1st ret 58.153721 gold 4'9e General gold 5s 194,Ternnual 1st gold 5s...1943Regis $5,000 each...1943
Mid Ititot N J lstg 65.1911)Wilk & ER let gu g 56.194'2& Intl 1st con tru g 68..192t)
Erie 83 Pitta See Penn CoEvans & '1' H 1st cons 6s 19211st general gold 68 1942Mt Vernon 1st gold Cfs 1923Still Co Branch let g 58 1931kargo as So See Ch 51 & St PI lint& Pero 51 see Pere AarFla C& Peum bee Sea Air LineFort St U 1) Co 1st g 410.1941Ft W & Den C let g6& 1921It W& 1110 Cr let g 444 1928
al Liar & A See So Pac Colral 1141 Hot 1882 let 58.1913
Georgia & Ala See sea A LineOa Car & Nor bee Sea A LineGeorgia Pacific see So Hy(411a VU & Nor See So Pan Co(40uv& Oswegat See N Y Cent()rand Rap & Ind bee Penn RRGray's Pt Term See St L S WUt Nor-C 13& Q coil tr 4s 11121Registered. 1921
Greenbrier Ity See Cites & 0Gulf 4153.11stret&tg Os 81959LI an & St Jo See C 134119
ousatomo See U IN 1141 1-1flock Val 1 et consol g 440 1991)Registered 1999Col & H V 1st est g 45 1945Col & Tol 1st ex 4s 1955
[boost E & W Tex See So Pat[Lutist & Tex Cen See So Pac CuIllinois Central let g 45 1951A Registered 19511st ret 46 (when 155)._1955let golu S'914 1951Registered 1951
Cairo Bridge gold 46 11180LoutsvDiv&Term g3 1/45 1953Middle Div reg Os 1021Omaha Div let g 3s 1981St Louis Div&term g 33 1951Registered 19:11Gold 34e 1981Registered 1981
Spring Div let g 310_1961Western Lines 1st g 48 1951isellev & Car 1st 08 1925Carl, & Shaw 1st g 46 1932Chic St L & N 0 g 58-11151Registered 1951Gold 31/4s 1951Memph Div let g 413-1951
St L Sou let gu g 4s. _1931Ind HI& West beec'CC&StLInd III 46 la lot g 4s 11150lut & Great Nor lstg 68 19192.1 gold 58 190931 gold 48 1921
Iowa Central 1st gold 58 1935Gold 48 1951
J ellerson RR See Erieiz al A & R bee L & bMau & Mich See Tot & 00K C Ft S & 31 See St LK C & It & 13 See st L ea SKau C & Pectin) See M K & '1Kan City Sou 1st gold 38 1115URegistered 195u
Kentucky Cent see L& NKook & Des 510 See C R I&Knoxville & Ohio See So ity
uke Itrie & W 1st g 56 1937It 21 gold Os 1041North 01110 1st gu g 56 1945
L Sho & Mich S See N Y CentLeh Val N Y let gu g 445 1940Registered 1940
Lehigh Val (Pa) cons g 46 9003Leh V Ter Ity let gu g 56 1941Registered 1941
Leh V Coal Co let gag 06 1933Lou & N V 1st guar g 4s 11145Registered 1945El C & N 1st p168 11414Uold guar Os 1914
Leh S. Huts R see Cent of N JLeh & it tikes') see t;e01.0t N JLeroy & Caney Vas See blo PLung Dock see ErieLong 180d-let con g 55 41931tat consul gold 414 411131General gold 413 1938Ferry gold 41/4s 1322tioht As 11432Unified 5010 45 1949Deuenture old 5s 1934Guar rel. gold 48. 1949likiyu & Mont 1st g 65-1911let 5,3 1911• II& MB let eon g 581113hN V & It B let g Os 1927Nor Slits 1st coo g gu5s.193k
t•ns ams Electric LightAtlanta U L Co last g 513-11)47 J -Dlikiyu 411111 let con g 58.1040 M-NCony tieben 614 11101) M-
Buttalo Gas 1st g be 11.44; A-0Comm.( Gas conv deblie 11/011 4.4Detroit, Uity thus g 6s 1923 JLet bias Co con 1st g 66_1919 F -AEq It 1..131 I let con g 614-1932 M.(las& Mee Berg Co c g 56.1949 4.1)lien Electric deb g 348_11142 F-A10-yr g deb 58 1917 J-D
Or Kept)) L. Co 1st g 68_11)15 F -AHudson Co Gas 1st g 5, 11140 M-NKan city (hi 0) Gaff ist g 56 1922 A-0Kings Co El 1.41 P g 6+4_11)37 A-0Purchase money Us tt197 A-0Eta El 1.1Bk u Hamm g 4s19131) J-J
Milwaukee Gas L let 48 1927 M-N
10114 100%
09% (32
1014 101,
1024
79 83 139985 101104 94
[00'9 10658124 Feb'Us.60 leb'ulf165 lsec'0810114 Marla)961 stip '08lid Mar'05011/4 Oct '0184 Jan '091381/4 1391/4107% Dec '00102 Jily
Deo'06
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100 Jan '0088 Sep '0892 Aiar•Oit
4 103 107
119 12460 63
100 4.• 1011/4
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N Yd3f4 El 143P let con g 531031' F-AN Y cf.; Rich Gas 1st g 5s1921 .3i-NPat & Pas1.s41ECongSs.1941, M. S['Co uas & 0 1st con g Us. 194) A -0Itetunding gold ós 1947 31.1011.1•1,41 eke Ingo Os 1937 J -JIndNat Gas & 01130-yr158'36 144,1eon ti• Coot Ch 1st gu g 65.'36 4-0Mu Fuel Gas let gu g 5s.1947 51-N
Syracuse Lighting 1st g 56.'51 4-1)CreuTA01(i ea El 1st g os 1949 M-bWestchester Light'g g 58 1050 J-0
-Au price r riday; latest wit and asked this week. a Duo Jan o it a . 0110 .tpr *Due .3tey 4 Due . ly e Due .tug u Due -ict I Doe .o.on Lulle
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
734 New York Bond Record-Continuud-Page 3 [VOL. LXXXVIU.BOND:.
N. Y. STOCK EXCFI A NOE Z.0' Wage hINuitie 24ARCI1 19 V:
Louisv Neatly gen g 643.1930 J-DGold 6s 1937M-14Unified gold 48 1940 J-JRegistered 1940 9.
Sink d Lun gold 63 1910 A•0Coll trust gold 5s 1931 M-N5-20-yr col tr deed g 48.1923 A-0E H & Nash 1st g 63-.1919 J -D
• L Cin do Lex gold 412s 1931 )4-NNO• 41, M 1st gold 63.-1930 J
• N 0 & 112(1 gold Os 1930 J -JPensacola Div gold ds 1920 M. ftSt L Div 1st gold Os 1921 M-S2d gold 3s 1980 M. SAM-Knox & Cin div 48 1955 M-NAt! Knox & Nor 1st g5s1944i J •DHeader Bdge 1st st g 66.1931 11.3Kentucky Cent gold 43 1987 J-JL&N &M&M.1stg 41231945 41.3L& N-South M 'cant 43.1952 J -JN Fla & 6 1st gu g 6s. .1937 F-AN&C Bdge gen gu g 41;1945 J-JPens & Atl 1st gu g 68 1921 F-AS & N Ala con gu g 53-1936 F-AL & Jett Bilge Co gu g 43 1945 M-SLNA&Ch See C I & Lhi :Ilion Coal See LS& MSmanhattan Ryconsol 48.1990 A-0
Registered 1990 A-0Stmpti tax exempt 1990 A-0
MOR'pc & B V See I' CentIlex Cent cons g 4s trust recta1st cons ino g 3s trust rects2d cons ino g Os trust reels_
blex Internet 1st con g 48.1977Stamped guaranteed... .1977 M-13
Biex North 1st gold 63.-1910 J •DMich Cent See N Y Centlifid ot N J See ErieMIILS&W See Chio & N Whill & North See Ch & St PMinn & St L 15t gold 78 1929 .1-DIowa Ex 1st gold 7s 1900 J-DPacific Ex 1st gold 63 1921 A-0South West Ex 1st g 7s 1910 J .0lst consol gold 53 1934 11-N1st and retund gold 43_19411M- SDes 51 & Ft I) 1st gu 43.• 235 J-J
Kinn & St L gu SeeBCR&N111StP&SSMcong4tutgu'38 J-JM.SSM&Alstg 4 intgn 1926 J-JMinn Un See St I'M &Mado Kan & Tex 1st g 43-1990 JD,2d gold 4s gi4190 1f -A1st ext gold 53 1944 11-81st &I refund 4s 2004 11-S
. Gen s 1 41/43 1936 JSt L Div 1st ref g 4s 2001 A-0Dal & Wa 1st gu g 58 1940 M-NKan C So Pao 1st g 4s 1990 F-AMo K & let gu g 63 1942 A•0111 K & Ok 1st gu 5s 1942 M-N• K & T et T 1st gu g 63 1942 11-8Sher Sh & So 1st gu E 53 1943 j-DTex& Okla 1st gu g os 11143 11-S
Ido Pacific 1st con g _1920 11-NTrust gold Os stamped.a1917 11-SRegistered a1917 11-S
1st cell gold 5s 1920 F-A40-year gold loan 43 1945 M-S8d 75 extd at 4% 1938 M-NCent Br lty 1st gu g 43 1919 11-ACen Branch U P 1st g 46 1943 J-DLeroy&CVALIstg53 1926 J-JPao Rot ?do 1st ex g 48.1938 F-A2d extended gold 53 11)33 J -J
St L Ir Sgeu con g 631931 A-0Gen con stamp gtd g 5s 1931 A-0UnItied & ref gold 43 1924) J • JRut & G Div lst g 43 1933 M-N
Verdi V & W 1st g 53 1926 M-SMobJ & K C lst cons g 53 11)53 J-JMob & Ohio new gold 63 1927 J •Dlet extension gold 68-h1927 Q-JGeneral gold 4s 1938 11-SMontgom Div 1st g 63 1947 F•ASt L & Cairo coil g 4s-e11130 Q-b'Guaranteed g 48 1931 J-JM & U coil 48 See Southern
Mohawk & Mal See N VC&llMonongahela Ely See B & U?dont Cent SeeStPM&MMorgan's La & T See S P CoMorris& Essex See Del L& Wxi ash Chat & St L 1st 70.1913 J -J1-1 1st consol gold Os 1923 A•0Jasper Branch 1st g 03 1923 J-JMehl 51 W & Al 1st 6s 1917 J-JT & P Branch 1st 6s 1917 J -J
Nash .99or & shot See L.& NNat of Mex prior lien 41/46.1926 J-J1st consoL 4s 1951 A.-0Newli&D Bee N YN1 -1&1-1N Juno RR See N Y CeutNew & Cin Bilge Ses Lou& NN Y likin & Alan Belt Seel. 1N Y Cent & It Riv g 3123 194)7 J •
Registered 1997 J -JDeben g 45 1934 VI-NLake Shore coll g 31/4s 1993 F-ARegistered • 1993 F-A
Mich Cent coll g 312s 191)3 F-ARegistered 19113 F -A
Beech Creek 1st gu g 4s 1936 J • JRegistered 1936 J.J2d gu gold Os 1936 J -J
Beech Cr Ext 1st At 33255105] A-0Cart & Ad 1st g-u g 4s 1981 J -0
93 931/41)214 Feb '01)1141/4 145841/4 841/482 Mar'in.)89 831/48412 Nov'Ob99 Oct '03102 Mar'04
81
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95 9612
110 11096 9834
88 913211514 11514
109 1091123211532.......... .
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109 1111/4841/4 87%
99 1/4 10099 99
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891/4 891/4110 110
1 93 93113 1141/4108 112
-1 106 11.0
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89 9591 91
.. 9934 100
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......
......
BOND?.N. Y. STOCK EXCHANGEWarm Erripueo RIARcH 19
14.2r. t4:93,
1"riceFriday
March, 19
Week'sRange orLast Sale
N Y Cent & H It--(0ontinuee iOonv & ()awe 1st gu g 5s 1942Moh & Mal 1st gu g 48..1991NJ Juno It fru 1st 43._1986N Y Si Harlem g 3 1/43.-2000N Y & North lst g 58...1927N Y & Pu 1st eon gm g 43 1993Nor & Mont 18t gu g 53.1916Pine Creek reg guar 63.1932R W& 0 con lstext5s.h1922Oswe & It 2d gu g 5s...61915R W&OT Rlst gag 53.1918Rntland 1st con g 41/43_1941Og&LChain 1st gu 43 g1948Rut-Canad 1st ga g 43.1949
Registered 1997Debente.7e g 48 192825•year g 4s , 7931Ka A & G R lstgn o 58.1938Mahon CI RR lst 56_1934
Pitts & L Erie 26 g 5s.a1928Pitts MeK di, Ylstgu 63 19322d guar 6s 1934MoKees& B V ling Eis 1918
Mich Cent 1st consol 66 1909• 58 1931
Registered 193145 1940Registered 1940
J' L & S 1st g 31/4s 1951lst g 3 123 1952Bat C & Stnr 1st gu g 33 1989N Y Chio& St L let g4s 1937Registered 1937Debentures 4s 1931
West Shore 1st 45 gu 2361Registered 2361
N Y & Greenw Lake See ErieN Y & Har See N Y C & HudN Y Lack & W See D L & WN Y L 53 & W Bee ErieN Y& Long Br See Cent of N JN IN H & H-Cony 63_1948Cony deben 31/4s. 1956Housatonic It con g 68-11)37N H & Derby con cy 60.1918
N Y & North See N Y CI& liN Y 0 & W ref 1st g 43-g1992Regis $5,000 only g1992
N Y & Put See N Y C& liN Y & R B See Long IslandN Y S lis W Se4 ErieN Y Tex db M See So Pao CoNor & South 1st g 6a 1941Skirt & West gen g Os 1931Improvem't & ext g 68 1934New River 1st g 63 1932N & W By 1st con g 4s 1996Registered 1996Div'l lstl& gen g 43- 194410-25 year cony 43 1932Pocah 0 & C joint 4s 1941
C C& T let gu g 5e 1922Solo V & N lat gii g 43 1989North Illinois Bee Chi Si N WNorth Ohio See L Erie & W
Nor Pao-Prior lien g 48_1997Registered 1997
General lien gold 3s....a2047Registered a2047St Paul•Dul Div g 48....1090
Dul Short L 1st gu 59-19113C B & Qcoll tr 48 See Gt Nor
ecuertgiii680.,d82233StIregtaNterPedgSt Paul & Dal 1st 53.1 931• 24163 1917lat consol Auld 43 1968Wash Cent rat g 4s 1948r.,Nor P110 Ter Co 1st g 68 1933
Nor Ry Cal See So PaoNor Wis See C St P 1,1 & 0Nor Si Mont See N Y Cent1 t Ind & W See C C C & St L1 /hie Riv RR See Halt Si Uire Si Cal See So Pao Coire Short Line See Un Pee)swego & Rome Nee N Y ())Clf&StP See (I &NW
P o Coast Co 1st g 53 1946ao of Missouri See Mo Pao
Penn RR 1st real est g 44 1923Consol gold Os 141114(Jonsoi gold 4s 1943Consol gold 48 1948Convertible g 3 1/43 1912Convertible g 3 1/44 1915Alleg Val gen gag 44 1942D It R R & Bgelst gu 414g936Phila Bal. & W 1st g 48_1943Sod Bay & so let g 5s 11)24UN J RR & Can gen 45 1044
Penn Co-Guar lat g 4128 1921• Registered 1921Guar 31/4s coil trust reg 1937Guar 31230011 tr ser 11.-11)41Tr Co certit's gu g 312)3 1916Gu 312s tr ate() 1942Go 31/48 tr ctls D 1944Guar 15-25 year g 4s 1931Cl Si Mar 1st ga g 4,23 1935Cl & P gen gu g 4 12sser A.'42Series B 1942Series 0 31/4s 11148RwriA. 11M /41, 1 0811
Ai ISCHIA (IN KOUS BONDS-Continued on Next PageCoal and Iron
Col F & 1 Co gen 3 t g 53..1943Convertible deb g Os....1911Col Fuel Co gen gold 68.1919Gr RIv Coal Si C 1st g 631911)
Cleart Bit Coal lstsl4s 11440Col Indu 1st& colt 53 :01_1934Contin'tal C lstst gu 53 g.11151:Jed & Clear C & I 1st g 53.1928Kan& tiC Si C lsts f g 58.11)51Pleas Val Coal let g s f 56.1928Sunday Creek Co g 63....1944Tenn Coal gen 58 1951Tenn Div 1st g 68 a1917Birm Div 1st consol 68..1917CaIiCI'tCo 1st gu g 63.1922De Bar C & I Co gu g 63.1910
Valron Coal &Colst g 58 1949Victor Fuel 1st s t 55 1953
Telegraph and TelephoneAm Telep & Tel coil tr 4s 1929Convertible 4s. 1936Instalment certificates .
Mich. State Telep. 1st 68.1924West Union col tr cur 53.1933I'd and real est g 412s 11)50Cony 48, Series A 1936Mu t Un Tel 8 tund 63. 1911
lIatiUlftet tiring IndustrialAllis.chalmers 1st 58 1936Am Ag Chem 1st 055 1928Am cot On ex; 4 'las 1915Am Hide Si L lst s t g 63 19114Amer Ice Secur deb g 63-1925Am Spirits Mfg 1st g 63 1915Am Tobacco 40-yr gl3s 19444s. 1951Am Thread DA cot tr 48-1919
J. JM. S
F-AJ -JM-N5I-NM-N
A-049-11-8A-0M-SA-0
J -J
949534 Sale
98', 99981/4 Sale1J3' Sale86 99
82 Salt100 Sale 9798 993,73 1/4 7595 110108 Sale771 Salo90%
1 90% 901/4*No price Friday; latest bid and asked. aDite Jan b Due Feb a Due Aar a Due /t Duosly JeDite A.tig g Dee Dot p Dee Nov q Due 060 8 Option 811111
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAE. 20 1909.] New York Bond Record-Concluded- Page 4 735
DsN. Y. STOCK EXCHANGE;-...WEEK ENUINO MARCH 19
-81'4.2
t,'"4;11,
PriceFridayMarch 19
Week'sRange orLast Sale
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BON DsN. Y. STOCK EXCHANGEW BEK ENDisa 3IARcH 19
'8.1; ; ..*z-, L.:Z.4,:-.7.,
PriceFriday
Nardi 19
Week'sRange or,,',i:iLast Sale
•8-sz
'''' '
RangeSince
January 1
Penn Co-( Continue0)Erie & Pitts gu g 3128 13 1940Series C 1940
Grit & I ex 1st gu g 4128 1941Pitts Ft W & C 1st 7s 19122(178 19123(1 7s 61912
Pitts Y& Ash let con 53.1927PCC&StLgu 4128A-1940Series 13 guar 1942Series C guar 1942Series]) 48 gUar 1445Series E 31.2 guar g 1949Series F 48 guar 1953
C St L& P 1st con g 58 1932Pensacola & Ati See L& NashPeo & East See C (I C & St LPeo & Pek Cu 1st g 68.-102120 gold 41-2s 51921
Pero Marq-Ch& W Al bs 1921Flint & PM g 6s... ..... 19201st censor gold 53 1939Pt Huron Div 1st g 58 1939
Sag Tus & H 1st gu g 48 1931Phil 115 W ,S'ee Penn RRPhils & nestling Coils 78.1911Philippine ity lst 30-yr a f 48137Pin. Cm. & St b See Penn coPitts Cleve & Tot See B & 0Pitts Ft W & Cli See Penn CoPitts McKees & Y See N Y OenPitts Sh & L It: 1st g 58-19401st consol gold 5s 1943
Pitts & West See 13 & 0MortgageDes/ling Co gong 4s 1997.i.JLk Registered 1997Jersey Cent colt g
4s.. 1951
Reussetaer ..% Sar See I.)& HRich & Dan See South ayRich & Meek See SouthernRio Or West See Den & Rio GrHoch & Pitts See lilt Ss PRome \Vat & Og See N YCentRutland See N Y Cent
Sag TU8 & 11 See Pere Mani_
Lit Jo & Or 1st 1st g 4s 1947St .L & Cairo See Mob & 011ieSt L & Iron Mount see n I'Bt L K (.1& N See WabasltBt L 51 Br See T lilt A ul St. LSt Louis & S V-- :ion g 03 1931General gold 58 1931Gen 15-20 yr 38 tr rec 1112',St 1. & 6 B RR cons g 4s..'96Southw Div 1st g 5a 1947Refunding g 48 10515-year gold 1.10teti ,I % 11)08.
St I. M & So East gu412g1909K C Ft S & Si con g Lis 192sK 0 Ft 6 LLI; Al Ity ref g 4s 1930KC& AI it & It lot gu58.192t)Oz'rk & Cli 4) let gu 58 ea:113
St Louis So See 111111013 CentBt L 6 W let g 4s lid ctfs.1981126 g 4s the bond ctfa...p1089Consol gold 48 1932Gray'ePtTerletgrtgbs 11347
St Paul & Dul See Nor PacificSt Paul 51 & Man 12(1 6s 1909let consul gold 68 1933Registered 1933Reduced to gold 4138-1933Registered 1933
E Minn Nor Div let e 41311)4sKUM U111011 lat g 08.-1922tdont C 1st gu g Lis 1037Registered 11137let guar gold be 1937
Will & 3 F let gold os 1938St P & Nor Pao See Nor PaoSt P& S's City (S'ee U St P31 &L)5 A& A Pass 1st gu g4s 19438 l'e Pres Lb Ph ist g 68-110424 1' & N P let sink ( g 58.11/193Sav li' & West h'ee Ati Coast LScioto Val & N E See Nor & WSeaboard Air Line g 45 -11450Coll tr refund g bs 1911Atl-Birm 30-yrIst g 46.61933Car Cent 1st con g 48_19411Fla Con & Pen 1st g 08.1915let land gr ext g bs -.1930Consul gold be 1943
Ga & Ala Ity let con 5801945Ga Car & No 18t, gu g 6511/29
Roo 1, 55 111263eab & R 46Sher Shr & So See 51 K & 'IBR Sp Oen. & (.4 See At! Coast LBo Car & Us See SouthernBoutitern Pacific Co-Gold 4s (Cent Paccoll) k1949Registered 1c11/49
Cent Pac 1st rot gu g 48 11440Registered 1949Mort guar gold 31-2s../c11420Through St 14 let eu 4s '54
Gal Bar & 8 ADA, g 68-1910Mex & Pac 1st g 58 1931
Gila V Li & N littgu g 58 11124Mona E & W T let g ba 111331st guar 55 red 1933
El & T (21st g Sc int gu 1037Consol g 6s lot gugc 1912Gen gold 48 in'. guar 1921Waco& N W div 1st g 6813u
Southern Pac Co-(contintred) Morgan's La 0C4 T 1st 78.1018
1st gold Os ' 1920No of Cal guar g 5s 1938Ore & Cal 1st guar g 58 1927So P of Argulatg 6s. .c19091st guar g 614 01910
So Pao oi Cal-08 E& F. .19121st gold 68 19121st con guar g 55 1937
SPacorN Mex 1st g 08_1911So Pao Coast 1st gu 4s g.1937Tex&NOSabDivlst g6s 1912Con gold 5s 1943
So Pac RR 1st ref 4s 1955Southern-lst con g 58- 1994
Registered 1994Develop & gen Is Ser A 1956Mob & Ohio coll tr g 48 1938
Mew Div let g 4%-55 .1996St Louis div 1st g 48-.1951Ala Cen It 18t gds 1918Atl & Dorm 1st g 45 19482d 4s 1948
Atl & Fad let g guar 4s 1949 Col & G-reenv 1st Os 1910
E T Vs & Ga Div g 544_1930Con 1st gold 5s 1956E Ten reor lien g 58 1938Ga Midland 1st 38 1946Gs Pao ity let g Os 1922Knox & Ohio 1st g 6s 1925mob& 13ir prior lien g 5s 1945
gold 4s 1945Rich & Dan con g Os. 1915Deb 5s stamped 1927
Rich dr Meek 1st g 4s 1948So Car & Ga let g Se. 1919Virginia Mid ear 0 65-1910series D 4-5s 1421Series E 5s 1926General 5s 1930Guar stamped 1936
W 0 & W 1st cy gu 48 1924West N C 1st, con g 08 1914
8 & N Ala See L ds NStook Falls & Nor lst g 69.1931J' I 'er A of St L 18t g 4128_19:313
.1. 1st con gold 56-.1894-1944Gen refund a t g as 1953St L M Bge Ter gu g 50 1930
..L'ex & N 0 See So Pac CoTex & Pa43 1st gold 5s 200026 gold Inc 5s Q2000La Div 13 L 1st g bs 1931W Alin W & N W 1st gu 58 'JO
Tot ce, 0 C let g 5s 1935 Western Div lst g 58. .1935
General gold 55 1935Kan & 31 1st gu g 4s 13•JU
Tel P 8.5 W 1st gold 48....1917Tol St L & W prlien g 3%8.192550-year gold 4s 1950
Tor liam & Bull 1st g 48./41940I I later& Del let con g 56 1928ki 1st refund g 48 1952Un Pao RR & 1 gr g 4s _1947
Ore Ry & Nay con g 48.1946Ore Short Line 1st g6s..1922let cousol g 58 1940Guar refund 48 1929Registered 1929
Utah & Nor gold 58-1926Uni N J RR (f0 C Co See Pa RRUtah Central See Rio Lir WesUtah & North See Un Pacific
Utica & Black It See N Y Cent%/ andalia consol g 48 .19551 era Cruz 05P1st gu 4%81934Ver Val Ind & W See Mo PVirginia Mid See South RyVa & Soutliwg, Ist ga 58.2003let cons 50-year bs 1958
NV abash 1st gold 58 1039241 gold Cis 1939
Debenture series A 1939Series B 1930
1st lien equips fti g Cis. 19211st lien 50 yr g term 43.11154lit rot and ext g 48 -.1950
Det & ea Ext let g 58..19411)e8 5loin Div let g 4s.1939
Om Div 1st g :3%s 1941Tol & Cli Div let g 4a 11441
Wab Pitts Term 1st g 48.1954Trust (10o cortfs Ill gold 4s 1954
Warren see Del Lac & WestWash Cent See Nor Pao\Vasil 0 & W See SouthernWash 'fermi let gu 31-26-1945West Alaryla,nd lat g 4s. 1952lieu & cony g 4s 1952W Vs Cent & P 1st g 6s 1911
\Vest N Y& Pa lat g 56-1937Lien gold 3-4a 1943Income bs 01943
\Vest No Car See outlt ity\V lieerg & L E 1st g bs...1926Wheel Div 1st gold bs..11128Exten & Imp gold 53. 193URR let consol 4s..... -.194920-year equip 3 1 Us ...1922J-J
Wilkes & East See Erie Wit & Sioux la' S e e St P M & 11
Wis Cent 60-yr let gen 4s 1949
A 0 .14A-0 J-JJ-jJ-JA.0A-4) 1J-NJ-JJ-JM-S J-JJ -J"J-JJ-J A-0M.sJ-J J. JJ-JJ-J J-41A•0J-JJ. JM.NM-SA-0J-JJ• JJ-JJ-J J-JA-0 M-N M.NM• SM-SM-SM.N M.NF-AJ-J
Beth Steel let ext s 1 68_1926Cent Leather 20-year g 58.11125Consol Tobacco 50-yr g 18.11)51Distil Sec Cor cony 1st g 58.127Int Paper co let con g Lis 1918Consol cony s f g bs 1935
Int St Pump 10-yr cony. Us '13Lackaw steel let g Us. 1923N 1: Air Brake let cony Os '28Republ& Slat& coltr 58.1934US Leath Co 8 IttenUS Realty& I cone deb g5s.12U 5 Rubber 10-yr colt tr 644.:1 1,U * steel Corp- J coup .011363SI 10-60 yr bs. 1 rag _01963
Va-Car (;heni col tr 5s g 191121st 15-year 58 1023
MiscellaneousAdams Ex col tr g 4s 1948131k1.41 lerryCo 1st cons g 55'48Chic Jo & t Yard col g 58.1915Bet Mdl M ld gr income-s_1911Institution for Irrig Wks& Devel of Agricul s f10434%8 (ctfs)
Emit Mercan Marine 4%8_1922loot Navigation lets 1 55.1921iMan Bch 11 & L gang 46 1940Newp Ne Ship & D D 58 01990N Y Dock 60-yr 1st g 45 1951Providence Sec deb 46- 1957Provident Loan Soc 4128 1921stJosepli Stk Yds 1st 4128 1930
5, Yuba, Wat Co cou g Lis 1923Sp Val Vat Works let 66.1906US Red & Ref 1st s t g 6s.1031
Railroads--- Chicago City Ely 100145 Chicago & Oak Park 10012 Do pref 10025 Cale Rys part (If ''1"-__112 Cl ic Rys part ctt "2"-_15 Chic Rys part ctf89 Chic Rys part. etf ' 4"___11 Chicago Subway 100
--__ Chic Union Traction_100
- Do oref
013 Kans City By ea Lt-11009400 Do pref
Nietropol W S Elev.-110(1(1 i10-.Do pref 100
North Chicago Street_ 100-io Northwestern Eiey 10065 Do prof 10045 South Side Elevated_100
1.57t Streets W Stable C L-100-.-..--. Do pref 100
%Vest Chicago Street 100
Miscellaneous539 American Can 100
.00.7. Do pref 100American Radiator 100
" Do pref
1Amer Shipbuilding 101i8i ---- Do pref 100
Amer Straw Board - _-86 Booth (Al de Co 1565.325 Do pref 100
....:....... Cal & Chic Canal &D.,100Central Trust Bank-100Chic Brew'g & Mait'g Do prof
-28 Chia Pneumatic Tool-100191 Chicago Telenhonc_ _100
--66 Do rights
Chic Title & Trust_10079U Com monis, 'th- Edison .100200 Corn Prod Ref Co Com__125 Do Do Pref _143 Diamond Match 10635 Illinoli Brick 1005 Masonic TempleMIlw & Chic Brewing -_--
-724 Do pref
National Biscuit 100122 Do pref 10025 National Carbon 100 o
tii (ii5 People preflesGa n
sLikcoice....iou7,615 Do 1 Ights_ 854 Sear. Roebuck com_100319 Do prof 100
1,817 Swift dc Co 100- -_ Do rights 34 The Quaker Oats Co__ 100362 Do pref 100
1.2C6 Unit Box Bd & P Co-100433 Do pref 100'250 Wegrern Stone inn
Rano, irtac,Jan. I 1909
Lowest
180 Mch 83 Jan 159 Jan 21
110 Mch1940 .%i('h172773 Jan 1210 Mehl?25 Feb 26
35 Feb 2479 Jan 817 Jan 447 Jan 14
'21 Jan 663 an 650 Jan 252U7 Jan 2097 Feb 15
773 Jan 307134 Jan 6
200 Jan 14123 Jan 2055 Nich 11101 Feb 24
38 Mch 1234 Feb 9
5114 Jan 8
21 Mch 5127 Jan
11/ Jan 18107 -Jan 211713 Feb 257312 Feb 24117 Jan 938 Jan 2643 Jan 5
9778 Jan 211814 Feb 1582 Jan 14110 Jan 15102 Jan 6
12 Feb 2555 Jan 5101 .Jan 510012k, 0
I Feb 5119 Jan 59.312 Jan 253 Feb 10
334 Mehl()15 Feb 16
Iltghe.si
190 Feb 34 Jan 2215 Jan 22
11534 Jan 64534 Jan 230 Jan 14)1312 Jan 22914 Jan 2
4212 Mch1982 Mch 1919 MO 86373 NIch 10
23 Jan 216912 Mehl860 Mehl°3073 Feb 189812 Jan
914 Jan 277 Feb 2202 Feb 4128 Jan 2059 Jan 6106 Mch 1
1 Jan 25 Jan 556 Jan 26
2738 Jan 4133 Mehl:.
122 Mch1811173 NIch122053 Jai 277733 Mch 1912414 Feb 1042 51191 246 Feb
109 Jan VI12012 Feb 681 Feb 2711112 Melt 211412 Feb 18
1 illehi680 Mch 11112 Feb 1103 Mch'20 Ja:' 18130 Jan 3010134 Feb it
kmer Strawb'd 1st 65..1911lass Av & F G (St L) 5s'12Alio Board of Trade 01927Dhlcatro C.ty Ry 5s___1927
Consol Br&MIt 68._Milo Como! Trac 410-1939Ale AudItoriu ,n lit 541920Shia Dock Co 1st 4s__1929Milo No Shore Elec 6s-1912Ado Pneum Tool-1st 53 a1921
Mlle fly Is. . 1927Chi:. Rys 4-55 series "A" Chic Itys 4-5s srrics ' ' 11" Chic Ily3 ..,-55 series "C' Chic itys roll 68_1913
3htc ity: Fund dis____1913Ala Rya T Oils 1st 5s_3111c It I & P RR 0_2002Collat Trust c 5,3_1913
3ommortw'al th - Edison -Chic Edlson deb 6511110
1st r as ____July 1926Debenture
5s-- _1926
Commonw Elect 55519.1:114;nois Tunnel 5s----1928ECan City Ily&LtCo 55 1913Kalek'b'ker Ice 1st 5s-1928:Aka St 51-1st 5s _1923Income 53 1925
%fete W Side El-ls; 43 1938Est.:melon g 48 1933
'forth Chtc St 1st 58-19091st 5s Refunding c 4;0_1931No Chic City ity4 H51927
North West El lit 0_1911Ogden Gas 58 1945'earsons-Taft 5s 19164.404 4.6(ls Series E 9.805 Series F
'eo Gas L&C hit 63_1943Refundinc c Is _1947Chic Gas L&C 1st-5s 1937Consum Gas 1st 53_1936iiut'l Fuel Gas 1st5s14/47
iouth Side Kiev 4%_1924iwift & Co 1st g 5s___1914'Ilion El (Loop) 5s.....1945jnion Pacific cony 0_1911Jolted Box Board cot tis'e Vest Chic St 1st 5s..._1928Tunnel 1st 55 19(19Debenture 64 1914Consul tr Is recs. tultiWes Di vel ty fly 4-W4193?
Vestern Stone (30 59_191)9.,,,,„ ____.,-,......... I n t...t•4 •
J - JJ . 3J - D-ii - A
1 - J.1 - 11F AA - ()A - 0
3 - JF • A
--.....---__ .,-emNI • NB- 5
J - JA - 051 . 8NI • 5J - T)M - NA - 0J - .1Feb
F - AJ JJ - J
A - 0It- NNI • 5M - N.1 - D11 • S11 - NNi. • NA - 011 - h.1 - ,1J - D11 - NJ - ,,.1 - JA - (111 'N
Bankers National Calumet National Chicago City Commercial National Continental National Cook Co State Savings_Corn Exchanfre NationalzDrcxel State Drovers Dep National--Englew000 State First National First Nat Englewood Foreman Bros B'k'g Co..Fort Dearborn National-Hamilton National itibernian B'k'rr Assn Kaspar State Bank Live Stock Exchange NatMonroe National-Nat Bank of Republic. National City National Produce North Avenue .titate..--.:North Side State SavingsrOakland National-- _Prairie National Prairie State Railway Each/titre. Security South Chicago Sa-ings-State Bank of Chicago --ftocir Yards Savings Union Bank of C hleago„U nion Stock Yards StateAmerican Trust As Saygs-zCentral Trust Co of IlLC hica.o Say Bic dc Tr_ _Chicago Title & Trust__ _Citizens Trust dc SavingsCol, it Trust 63 SavingsDrovers Trust & SavingsFarwell Trust Cu leftst Trust & Savings_Guarantee Trust & S'av_Ii art-is Trust & savings_innois Trust & Savings_enwood Trust & Savo
Lake View Trirt & SaygsMerchants' Loan & Er CoMetropolitan Trust as SayNorthern Trust Co N..:rth-Western 'Cr & SayPeople's Trust & SavingsPullman Trust & SavingszRoyni Trust Co *,toctrmen's 'Crust & Say..Union Trust Co_ Western Trust & SavingsWest Side Tr & Say BankWoodlawn Tr&Say Bank
• Iltd and as red prices; no saie3 were made on this day. 1 Fob, 5 (close of business) for national banks and Feb. 6 (opening of business) rot'Stat) lnstltuttoaa. ::24o priev Friday; iateit price this week. a Due Dec. 31. t, Due June. k Capital increased from $300,000; a stock dividend
r.033 1-3 holm,' declare 1 in part payment therefor. n Capital and surplus to be increased. g Dividends are paid Q-J, with extra payments Q-F.As of data Deo. 31 1903. x Drexel State and Oakla,n.1 National banks consolidated in Febru-ry 1909 under name of Drexel State Bank.yal Trait Co, 1.1 a3.1.1531 la.1 3121' ,e.1 la 115 itrat i':441 C . V. 53. p. 5,1 .
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAR. 20 1909.) THE CHRONICLE 737
Volume of Business at Stock ExcnangesTRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Cent Un Gas 5s g '27.J &J 100 101Con Gas (N Y)-See
S10 12Stk
k0 Sic list
• Mutual Gas 12New Amsterdam Gas-
1st consul Is 1948 J-J 10) 101NY & EllGas 1st 5844 J-J 103 103
Conseil Os 1945 J-J 95 100N Y& Richmond Gas 100 30 50Nor Un 1st Is 1927_114-N 90 101e Standard Gas coin.. 100 80• Preferred 100 a 60 93let 5s 1930 M-N 100 105
Other CitiesAm Gas & Elec, oom..850
*3Preferred *421 34330
14Amer Light & Tract-104 149 -
Preferred 100 102)2 1011-2Col tr g 6% notes.A-0 132
Bay State Gas 51.) a 114 --1-4Bingh't'n (N Y) Gas Wks
1st g 68 1938__A&O 85 96Brooklyn Union Gas debe6s 1909 See Stk Each list
Buffalo City Gas stock100 5 71st Cis 1947-See Stock Sic list
Con i-1as of N J 5$ '36..J-J 93 137,Consumers'
L& Pow-
Is 1938Denver Gas & E ec -100 110 112Gen g Is 1940 op.111-N 92 95
Elizabeth Gas Lt Co-10U 276Essex & Hudson Gas.100 126 128Gas & El Bergen Co_100 60e Gr Rap (I 1st 5s 15_F-A, 101 102Hudson Co Gas 100 115 110Indiana Lighting Co 18 204s 1058 op . F-A 61 68
Indianapolis Gas 50 20 40A-0 76 901st g 11352
Jackson Gas 58 g '37 A-0 91 90e Laclede Ga 100 90 100
Preferred --------100 85 100Madison Gas 85 1926-A-0 103 108Newark Gas 68 1944-Q-J 130 132Newark Consgl Gas.-100 95 goe Con g Is ru48--J-1) 106 107
No Hudson L It & Pow-15s 1938 A-0 98
Pat & Pas Gas& E1ee-101) 86 90e Con g Is 1940___M S 103
St Joseph Gas 53 1937.-J-J 90 98!elegy & telephone
eAmer Teleg & Cable_100 7(92 $0'Central & So Amer_100 110 115Commit Un Tel (NY)_25 110 120Emp & Bay State Tel 100 60 70Franklin 37 42'Gold & Stock Teleg .10(1
, 105 112
NY&N.1 Teleph-See St k Ego listeNurthwestern Teleg....50 10$ -112Pact & A an ti 25 85 65Southern h Atlantic-215 90 96
Electric CompaniesChicago Edison Co See 011e Kings Co El L&PCo 100Narraan(Prov) El C0.50NY & El L dePowOu_lit
Preferred 100United Elec of N J
1st 2; 4s 1949 J-D
Ferry CompaniesB & N Y 1st Os 1911_14N Y &ER Ferry stk_i 00
1st Se 1922 M-NN Y & Bob Is \i ay 40 J-DHob Fy 1st Is 1946M-N
NY deNJ 5s 1946 __J-J10th & 23d Sts Ferry..100
lit mtge Ss 1919 _J-DeUnion Ferry stook _100
elst Is 1920 M-N
Short-Term NotesAm Clg ser A 4s '11_M-SSet B 4s Mob 15 12M S
Amer Light & 'Fr 6s-SeeAm Tel 63 Tel g 5s 1.0 J-JAtlan Coast L 55 '10.M-SChes & Ohio 83 JI '10J-JChic dc Alton Ss 161r..1-1)Chic Ill & Pac 6s '09A-0Cln Ham &D4 40 '08 M-SC C C & St L Is, June '11Erie 6s, Apr 8 1911__A-0Interb R T g 6s1911 111-N55 Mch 1910 81-S
KCRydiLightOz':2M SKan C So g Is Apr *1 2-J-JLack Steel Is g 1910 /11-SNew 1-yr 56 Meh 1 '10
Lake Sh de M. So 53'10 F ALou & Nash g Si '10-51-SNits Cent Is July 1 191'filch Cent 5s 1910.-F-AMinn & St L g 58 '11.F-ANatoffilex Is extto'09 A-0N Y Cent Is 1910___F-AN Y C Lines Eqp 3.3'10-27N YNH&HIs'10-'12Nod & West 38 191081-NPa RP, Is Mch 15 '10 111-SPublic ServIce Corp Is-StEMS'east 444s '09.J.1)St L & San Fr g 5s '11 ...161.14 g notes'12 opF &A
South 'n coil tr 5s 1111 A-0South By g Is 1910__F-ASuntli.Tri Fly 63 1911.111-NFidewater 65, 1913, guarWabash Is. May 10 1909WestIngh El&M (Ss 1910
RailroadChic Peo & St L pref-10G
Deposited stock Undeposited stock Prior lien g4 34s'30M&SCon in tic g Is 1930..J&JIncome Is, July 1930_
Chic Subway 100Ft W & Den Cy std-100Nat Rys of Mexico-Prl lien 4443'67 (w 1)J-JGen NI 431057 (wI) A-0
N or th'n Securities Stubs.Pi tts Bess & L E 60
Preferred 50Iltallroad Securities Co-
ln C stk tr cfs ser A '52Seaboard Company-
1st preferred 10UCons & 2d pret-See Bait
Seaboard Air Line-Coil Is eat May '11 M-S
Union Pacific 48 See Stk
Industrial and Miscel
Adams Exp r 43 1947J-DAhmeek Mining 23Alliance Realty 100Allis-Chalmers Co 1st intgs 1 Is 1936-See Stock
American Book 100American Brass 100American Chicle con1 100
y112 ja- Seneca Mining 23100 103 Singer Mfg Co 1009212 100 Standard Cordage_
- 100
t4 lit Mg Se '31 red_A-06 16 Adjust Id 53 Apr 1 1981
2 Standard Coupler com100
1 I iEx- list Standard
Preferred ai 100 100ii8 iMilling Co 1110 10
61 Preferred 100 61215 225 let Is 1930 Ni-N 82*414 5 Standard 011 of N J-100 672365 375 Swift & Co-Sea Bost Stk p,ze35 40 let 58 191U-1914.-4-J 10193 eTexas& Pacific Coal-10(1 97 452 212 Title Ins Coot N Y _100 15014 10 Tonopah Min (Nevada).1 4682 83 Trenton Potteries conz1006 6 Preferred, new--10017 19 Trow Directory 101/
/ 68 61 UniVI,TYrerPoerrwerld 100
1or 00111100
---. 14616331 2d,preferred.-
.---100tligz United Bk NoteCorp-6o1100 121 Preferred 5012
United Cigar Mfrs__ -100ePreferred____- 100
29 131 - (Jutted Copper. . opper 1011
1105 107 Preferred 100*534 6 U S Casualty__ ,..-100*224 23 U S Envelope com---100214 3 ePreferred leu60 75 U S Finishing__ ___ ,_100140 150 SPreferred_ 101129 132 U S tee I et! teslpoi,at leont-7 8
Col trs
'11661360 Col tr s f 153 '51 not opt3 4 U S Tit Gin& indem-1001012 18 el/ tah Copper.Co-Se. Stk72 75 Waterbury Co, com_100570 000 -Preferred
RallroackAtch Top & Santa Fe_ 10000 1090834 jJaa,n, 1153Do pret
Boston & Albany 100 225 Jan 4Boston Elevated 300 12414 JanBoston & Lowell 100 224 Jan 12
100 13213 3an 2Boston & Maine Do pre( 100 161 Feb 26
Boston de Pro vklence_100 300 Jan 4Most Suburban El Cos-__ 1134 Jan 2Do pret 6013 Jan 5
Boston & Wor Elec Cos 1012 Jan 85Do pref 52 Jag
Chic June By & USY_100 143 :an 25Do met 100 116 Mch19
Con & Mont. Class 4_ _1 00 170 JanConn & Pass Riv pret_100 139 Jan 2Connecticut River 100 267 Jan 15Fitchburg. pref 100 132 Jan :3Ga By & EleCtric 109 75 Jan (3Do pret_ 100 79 Jan 14
Maine Central 100 19514 Jo:. 13Mass Electric Cos 10) 1114 Jan 12Do pret 100 5813 Jan 15
N YNH & Ilartford..100 157 Jan 21Northern N Ii 100 146 Feb 4Norwich & Wor pre1_100 209 Mch13Old Colony 100 194 Jan aRutland pref 100 27 Jan 22Seattle Electric 100 3014 Mch 2Do pret
Union Pacific 100 98 Meli 18100 717278 Feb 23
Do pre 100 9313 Mch 2Vermont & Mass.. 100 165 Jan 20West End St Do pre
50 88 Jan 250 10314 Jan 9
Worc Nash & Roch 100 144 Mch12Miscellaneous
amer Agorriectul Chern 100 3314 Jan 2n0 100 94 Jan 18
Amer Pneu Service 50 558Jan 26Do pret 50 13 Jan 13
Amer Sugar Retin 100 12613 Feb 24Do pret 100 127 Jan J
Amer Telep & Teleg 100 12514 Feb 1American Woolen_ 100 2712 Feb 4Do pre 100 1.3313 Jan 15
Boston Land 10 4 Jan 6Comb Telep & Teleg_100 125 Jan 25Dominion Iron & Steel-- 1812 Jan 11East Boston Land 7 Jan 4Edison Elee Illum___100 245 Jan 2
100 15033 Feb 24General Electric MassachusettsGasCos 100 50 Jan 5Do • pret 100 80 Jan 5
Mergenthaler Lino 100 :0212 Mch12Mexican Telephone 10 2 Jan 5N E Cotton Yarn 100 77012 Mch19Do pret 100 93 Jan
N E Telephone 100 12614 Jan 3,Pao., c Coast PuwJr_ _100 75 Feb 0Pullman Co 100 168 Jan 30Reece 13utton-Hole 10 934 Jan 11swtft & Co 100 100 Jan 9Torrington, Class A 25 22 Jan 15Do pret 25 2414 Jan 211
Union Cop L'd ea Mtg.. 25 1 Jan 26United Fruit 100 12612 Jan 13Un Shoe Mach Corp 25 754 Mch19Do pret 25 3l2 Jan 11
US Steel Corp 100 4134 Feb 24Do pret 100 107 Feb 23
West Telco & Teleg_100 618 Jan 11Do pret 12005 77612 FAlecbli 31
MiningAdventure Con A ilouez 25 34 Jan 29Am333amated Copper 100 65 Feb 26Am Zinc Lead & Sm.... 25 2313 Feb 4Anaconda Arcadian
25 3813 Feb 26
2Arizona Commercial.. 255 213 Jail
30Feb 302.A ruolct 25 45 Feb 17Atlantic 25 4314 Feb 11Bonanza (Dev Co)__.. 10 .45 Feb 16BostonConC&G (eats) El 1934 Mehl5Bos&CorbCop&SilAig 5 1738 Feb 26Butte CoalitIon Calurtiet & Arizona....15 0
02 eb247138 Feb
1
(C,rgutemnentlat Hecla 325 585 Feb 2
Cons Meteor Gold yonper Range n Co 100
(.2089 12
Daly West Con
3 JFFaeenb 1b276
20 912 Feb 2613 33; Butte Cop Mln_10 713 Feb 1Elm River Franklin
Mexico Cons Al & S 120i' '5330 4Miami Copper 5 1234 Feb 26
FebF 17ebb
Michigan 25 373 Me1119Mohawk 25 59 Feb 1Montana Consul C 36 C 10 19 Feb 11Nevada Consolidated_ 5 1612 Feb 26Newhouse Mines & S_ 10 333 Mch 6North Butte
5 478 j3anta Fe (Gold & Cop) 120 2Faen 0Feb 325Shannon Superior
10 1312 Feb 26
Superior &Boston Nlin_2105 314438 jFaellb 254Superior&Pitts Copp- 10 1314 Mobil)Tamarack 25 72 Feb 1'trinity
Copper y 25 12 Feb 19
Do pret 110000 1138 Feb 2
UnitedStatesCoal &Oil 25 28 Jan 12U S Smelt Be! & Mln_ 50 39 Feb 25Do pref • 50 44 Jan
Utah-Apex Mini 5 EN Feb 25Utah. Consolidated 6 3114 Feb 24Utah Copper Co 10 3934 Feb 26letoria 35 75 Jan (i
Wiuoria Woi vet Ine
25 5 Jan 18
Wystidot '5 139 • Mcli1825 233 Jan 4
Highest
10434 Mch1210213 Mch 6237 Jan 15130 Jan 2;236 Mch10140 :3152 Feb 26301 Jan 922 Feb 375 Feb 31.112 Mch 1257 Jan 29150 Feb 10120 Jan 3173 Mch539 Jan •276 Mehl°1834612 FF bb
85 Feb 1819514 Jan 1571234 Febmehii
164 Jan 914612 Mehl I209 Mch 1320013 Jan 330 Jan9212 Jan Ii10112 Jan1386:134 0Jan
9614
Jan5 a
t1138 M 5311012 Feb 3145 Mch12
...034 Jan 23100 Feb 16
978 Feb .32034 Nich 13
13334 Jan 2213113 413,13014 Alch193033, an9712 Feb 185 Feb 25
128 Mch 173812 k eb 1710 Feb 25
25412 Mch 4130 Jan 267 Feb 161378 Feb 18220 Feb 17
212 Feb 475 Yeti ifi9933 Mch 15135 hien i79 Alch1917213 Jan 1:3104 .Jan :
10333 Mch 62312 Jan 42534 Mch 5134 Jan
13313 Mch190614 Jan 143034 Mch 65473 :van 1511478 Jan 158 Jan 682 Jan 11
1014 ;Tan45 Feb 16845 Jan 22734 Feb 04878 .an 6673 Mch 238 Jan 21 Feb 1718 Jan 2.60 Mch 111713 Jan 22258Jan 22733 Jan 2
119 Jan 4680 Jan 43434 Feb 16.35 an 158214 Jan 211 MC8191578 Mch 1212 Jan 15
1613 Jan 2110 Jan 41234 Jan 2
5314 Feb 192312 Jan 4163i Feb 16638 Feb 10
.65 Mch 33 Jan 81538Jan 213 Jan 47013 Jan 835 Jan 2195 Jan 156 Jan 48514 Jan 260 Jan 85814 Jan 2138 Feb 195218 Mch 121 Jan 1.
13.1 Jan 4514 Jan 5278 Ja 81778 Jan 4404 NIch I1712 Feb 161773 Jan 290 Feb 2517 8 Jan 231614 Jan 8
Oh MA & St P Dub D 136..1920 J -J 1181/4 Fob'011Oh M & St P Wle V div 6819211 J -J 126 Feb'05Ohio & No Alienist gu 58.1931 M-N 102 103 102 102Ohio & W Mich gen 58....1921 .1-D 104 104% l0412 Mar'09
Concord & Mont cons 46..1920 J •D 91 Dee '07Conn & Pass It let g 48...1943 A-0 1121/4 Jan '03Cone S S .14 colt trg 4s etre 1957 r -J I 6% Mar'09Current Itiver let es 1227 A-0 94 96 96 FelPOLLDet Gr Bap & W 1st 48 1.1141,Dominion Coal let 8 fee-11140
A-0 ,1/1-N
'114 Mar'09 91 Nov408
Fitonburg 48 1915 M-8 10318 Ain '0548 192',
Fremt Elk & Mo V let 68 193331.8 A-0
911 Apr'Oe 133 133
Unstampeu let 68 14'13 A.0 140 A pr'05Gt Nor (J 13 & Q coil tr 48 1921 .1-J 97% 98% 98 981/4Rehostered 48 1421 t,•.: 9758 9814 3rar'09
Nan 0 Clin & Sur 1st 58. 1925 A-0 9534 Feb'09 .... 95 9534Kan CIL s&Gulf ext 58..1911 J-D 100' Jan '09
....11614121)1004101
Kan C Ft Scott & M tis.....1928 M-N 1191/4119121191/4 Mar'09 ....Kan C M & B gen 48 1934 M. S 93 142 jab ',di :10 92Assented income 58 1934 M. S 89 89 89 ..-4 804 89
Kan C & M Hy& Br let 581929 A-0 10151/4 10334 1034 2 103¼l03Maine Cent cons let 7s...1912 A-0 11356 Nov'Ou Cons 1st 48 1912 A-0 10114 Sep '05
Mara Hough vt. Ont let 68.1925 A-0 115 J'ne'08 .... . ._. . ..
SI ex lean Central cone 48..1911 J-J 84% Mar'09 ... 84% 84341st cons ma 38 Jan 1939 J'ly 1116 Apr '0-2d cons me 38 Jan 1939 J'ly 11151/4 A IWO- .... ......
Mich Telep let 58 1917 J- J .Minna Gen Elec con g es 1929 J -J 1024 AiLe'04 New Rug Cot Yarn 5s....1929 F-A 10414 1044 7 1U2' 1041/4New Eng Teleph 68 191568 1910
A-0 A-0
102 Feli'0, 1004 Sep '08
.... 102 102
New England cons g 68. .1945 J-J Boston Term 1st 4s 1939 A-0 N YN H & 11 con deb 3481950 J-J 98 98 1 97% 9914Cony deb 68 (Ws) 1948 J-J 134 134 1 134 13516
Old Colony gold 48 1924 F-A 984 Ply 08 Oreg By le Nay con g 48..1946 J-D 119614 J'ly 'OL• ..... .. ... . . .
......Oreg Sh Line 1st g 68 1022 F-A Lis% Mar'0:. .... 118%1Repub Valley lets f 66_1919 J-J 1034 105 Dee '0,-. .... ...... Rutland let con gen 4128.194.1 J. J 1074 Nov'05 ...........Rutland-Canadian let 481949 J •J 102 3fal'02
2,013 Cambria Steel 504,327 Electric, Co of America 1010,029 Gen Asphalt tr otis 1002,208 Do pref tr ate 1002,020 Lake Superior Corp.. .l001,521 Lenigh C & Nay tr etre 503,071 Leliigh Valley 60200 Marsden Co 100
1,536 Philadelphia Eleetrict 266,240 Piths Rapid Transit 60
31,0311 Reading 5021 Do let pref 5051 Do 2(1 pier 50
3,461 Union Traction 602,589 United Gas Impt 50200 Welebach Co 100
30 Mar 878 Mar16101) Jan 411% Feb2622% Feb24U% Feb 3
45 Jai 432% Feb23x1074 Jan 20154Jan 553 Jan 514% Jan 696 Jan 667 Feb231',e Jan 11631/4 Feb24404 Feb24111/4 Feb2324%Jan59 4 Feb2344 Mar45116 Mar '451 Jan 6891/4 Feb2329 Feb16
35 Jan 2585 Jan111. Jan lo15 Jan 415 4Jan 6114 Mari9
46% Feb 1/,39% Jan '412% Mar19'2534 Feb .96678 Fee 1919% Mar105% Mar 870% Jan •424 -lbw 12671/4Jan 4431/4 Jan 212 Jan 21481u Jan 26721/4Jan 446 Jan 2471/4 Jan 2544 Jan 21gy, wet)29 Feb15
Amer Pipe Alfg IOU AI Val IL, ext 78 1910 A-0Bell Telephone (PLL).100 101 .t12 Alt &LVElec 4 128'33.F-ACambria Iron 50 46 Am Rye cony 58 1911..1.1)Central Coal ac COk0.100 All City let 58 g '19.51-NC011801 True or NDiamond State Steel..10
76", Berg& Elirw let 68'21 J4 Bethle Steel 68 1998.4.4.1
Preferred 10 Choc& Me let 58 1949 .14Easton Con Electric 5.60 Ch Ok & G gen 58'19 14Bice Storage Butt. ...101J 46,4 47 Col St By let con 58 1932Preferred 10(1 ConTrao of NJ let 58.'33
Ft Wayne & W V 100 E & A let M 5e 1920 51.NGermantown Pass 50 125 Elec & Peo Tr etk tr etfsIndianapolis St 100 30 Eq II Gite-L let g 13f5 1928Indiana Union Tr.. ..100 Indianapolis RI 43.1933Insurance Cool N A..10Inter Sni Pow & Cliem.50
Keystone Telephone ..50 131/4 1354 Rita 48 g 1914.Q-FPreferred 50 Gen 51 4 48 g.1924.Q.F
KeyetoneWateliCaee.100 Lou V 0 let Se g '33-J4Lit Brothers 10 161/4 15'5 Leh V ext 46 18U-948.J-11Little Schuylkill 50 2d 78 1910 51.8Minehth & ISchuyl H..50 Comet 68 1923 J-1)Haven Iron & Steel 5 Annuity 68 J D
Northern Central 50 Gen cons 48 2003.1\1-NNorth Penneylvania..150 renusylvania Salt 50
Leh V Trau con 43185J-1) New Con Gases 1948 J-D
.9.1naylvania steel..100 Newark Pass con 58 1930Preferred 100 104 NY Ph& No let 48 '39 J4
rhila Co (Puto) pref...50 42 424 Income 4a 1939...M.NNorris.b0 NoOltioTrac cones'19..14
Phtla Traction 50 02 9215 Penn gen 68 r 1910-VarHallways General 10 8 812 Conaol 53 r 1919. .VarStisquett Iron & Steel..5 tidewater Steel 10
Penn & Mil Steel con 68. Pa & NY Can 58 '39.A-0
Pre:erred 10 Con 4s 1939 A.0ronopali Mining of NevlUnion Tr ot Ind 100
01, 634 Penn Steel let 58'17 M-NPeople's Tr tr carts 4s '43
United J RR &0..100 P Co let& col tr 58'49 St-SUnit True Pitts pref..50 Con& col tr es 1951M-NWarwick Iron& Stee1.10 74 Phil Mee gold trust ate.Weet J ersey & Sea 811.150 Trued, certifs 48 Westmoreland Coal.. ..50 P & E gev. 51 6 g '20.A-0Wilkes Gas & Elec..100 Gen M 48 g1820..)t&O
Bid 481C
99
1181/4
1054
141e%
106
931/4
8742%
113¼
43%
10414
971/4614
11038
1.044121
974
1094
1014d
110
97
98410174%
1015498%1011275
PHILADELPHIA Bid ASB
Ph & Read 26 Ss '33.A.-0Con M 78 1911 J-DEx Imp 51 48 g '47 A-0Terminal Sc g 1941 4-F
P W & ii col tr 45 '21 J4Portland lty let 5s 1930.Roch By& L con 58'54J-.1Spanish-Am Ir Os '27 J4U Trac Ind gen 58'19.J.1Un Bye Tr ctis 48'49J&JUnited Bye Inv 1st coil trat 513 11)26 51-NU Trao Pit gen 54 '97 J-JWelsbaoli a t 561930.J-DWlks-B (la E con5s'55J-J
BALTIMOREinactive Stocks
Ala Conti Coal& Irou 100Prof 100
Atlanta & Charlotte 100Atlan Coaet L (Conn)100Canton Co 100Cons Cot Duck Corp ..5uPreferred 50
Georgia Son & Fla. 100let pt-el 1002d pt-el 100
Brewing 100Bonds
.Prices are all" andinterest"
Amicostia & Pot 68 Atl & ch ext 448 '10.J- 1Mien C L 1411.431952M-SAll Coast L(Ct)ctfe 55 J4.)(Ate of lndebt 4a....J46-20 yr 416 1925 J4
Bait CPase let M-Nhalt Fundg 56.1916 M-NExchange 3168 1930.14
Balt& 1st 6s m 1'11 A-0Balt Trao let 5s..'29 Itt•NNo Bait Div 581942 J-D
Cent'l By con381932 M-NRitA Imp 66.1932 4-S
Chas CityRy let 58'23 34
1171044 rat:,
100
101,4 101%
814
78',
811/4
79499
25
25714oo6423%2294'S702
10410097107842151011071001/4103541121161131121044
SO100
8580
28183
26143695¼701/43
1041/410049712110
1081011041/4
105
BALTIMORE Bid Ask
Chas By G & El 58 '99 11-hCherie& A ext 58 '09 J-J29 78 1910 A-0
City &Sub let 58..'22 .1-1)City & ltiub(Was)let fai'46Coal & By let es '20E-ACol &Grnv let138.1916J4Cowie! Gas 6s 1910 J-D58 ....111393.D
Ga& Ala let con 55'46J -1Oa Car &N 1st 58 '29J4Georgia P 1st 6s...'2'2 J-JGabe& Fla let be 1945J-JG-B-S Brew 2-48 195151-S26 income 6s 1951 51.14
Krioxy Traci let 58'28A-0LakeR El let gues'4251-SMacon Ity&Ltlat58.62J-JMemphis St lot 58'45 J4Mettit(Wael1)18t58'25 F A,Mt Ver Cot Duck tel 58.,Npt N&(.) P let bis'313 M-NGeneral 58. .1941 51-S
Norfolk St let 63'44_1.4North Cent 4101925 A-0:Series A 58 1926. .14Series B Ss 1926.....J.J
Pitt Ln 'rrac 68 1997.J4Poto Val let 58 1041..J.1Say Flat, West 55'34 A-0Seaboard A- L 48 1950A-0Saab & Bean Os 1928.14South Bound lit Os..A.0URIL&P late 48'29 31-NCu Sy& /L1 lst 4s '49 11.11Income Lis 1949 ..... J-DFunding 5s 1918....J-D
Va Mid 2d Der 6sSd series Se 1916. ICS4th ser 3-4-58 1921.?.{.8bLk swiss 56 1926.11-8
Vs (State) as new '32.J-JFund debt 2-3s 1991.J.I
West 11 0 ass 831914 J-JWesVaC&Plst6g'11J-JWil & Weld 68..1935.J4
• Bid and asked; no sales on this day. 11El-rights. 11$7.60 paid. t $12 4 veld. t $134 wad. 4435 paid. a Receipts. b $25 paid. c$30 paid. 41024 paid.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
740 THE CHRONICLE [VOL. Lxxxviii.
blues-taunt anti itlattroact
HAILHOAD Gi-COSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returnscan be obtained. The first two columns of figures give the gross earnings for the latest week or month: and the last twocolumns the earnings for the period from July 1 to and including such latest week or month. We add a supplementarystatement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some otherperiod The returns of the street railways are brought together separately on .4 subsequent page.
Latest Gross Earnnios. July 1 to Latest Date. Latest Gross Earninas.
RO ADS Week orAl onth.
CurrentYear.
PrevtousYear.
CurrentYear.
PretncusYear.
ROADS. Week orMonth.
$Ala N 0 & T,!x Pc Nevada-Cal-Oregon 1st wkN 0 & N East__ February _ 256,719 206,879 2,083,864 2,069,178 Nevada Central_ December .
- Ala & Vicksburg_ February _ 120,134 113,362 1,074,143 1,067,254 N Y C It Hud River January __Vicks Sh ec Pao__
Ala Tenn & North__k Atch Top & S Fe..
February _January _ _January
111,2055,693
7,456,225
113,1384,202
7,316,675
963,60937,624
54,818,417
1,054,71727,633
56,056,303
La - e Shore It M SLake Erie It WestChic Ind It South
January --January --January --
Atlanta Birm It AOAtlantic Coast Line
1st wit MchJanuary __
47,0062,560,-15
26,8022,023,464
1,401,41614,491,925
1,144,67415,209,665
Michigan Central.Cleve C C It St L..
January -January -
Baltimore & Ohio__ February - 4,955,671 4,882,348 47,284,007 52,744,611 peorla It Eastern. January __Bangor ec Aroostook .January -- 243.95.6 201,131 1,640,338 1,534,147 Cincinnati North.. January _-Bellefonte Central__ February - 4,864 4,009 47,313 42,769 Pitts It Lake Erie January --Boston & Matne__, fanuarY -- 2,919.249 2,784,21(1 23,391,753 14,778,961 Rutland January _Bridgeton & Saco 14 January __ 3,467 2,860 30,246 34,066 N Y Chin & St L.. January -Buff Roch & Pitts__ 2d wk Alch 119,742 149,947 4,976,149 5,735,468 Total all lines_ January __Buffalo & Susq____ January __ 187,467 148,290 1,359,663 1,327,447 N Y Ont It Western January __Canadian Northern.. 20 wk hfch 148,900 132,700 6,953,000 6,637,700 NYNH& Hart-r January _-Canadian Pacific__ 2(1 wk Mch 1,461,000 1,220,000 53,133,517 51,723,053 N Y Susq It West January __Central of 'Georgia_ 1st wk Mai 235,300 225,100 8,044,863 8,378,933 Norfolk It Western_ January _ _Central of New Jer_ January -_ ,031,887 2,135,183 15,111,802 10,779,781 Northern Central January __Central Vermont.. r January .., 247,163 230,303 2,079,848 2,145,181 Northern Pacific January __Chattanooga South_ 4th wk Feb 1,281 1,593 56,633 77,730 Pacific Coast Co January --Chesapeake It Ohio_ 1st wk Mch 430,994 433,207 17,779,180 18,869,641 Pennsylvania Co_ _r January __Chesterfield 36 Lane lanuary __ 5,743 4,468 37,730 29,069 a Penn-East P It E :January __Chicago & Alton fly 20 wit Mch 265,345 251,769 9,018,435 8,879,420 d West of P It E.. JanuaryCale Burl & Quincyr Januttey __ 5,807,989 5,766,083 47,410,544 19,289,179 Pere Marquette...._r January __Chicago Great West 1st wk Mch 171,803 150,769 5,775,689 5,718,917 Phila Halt. 36 Wash.. Jan narychic Ind & Louisv_ 1st wk hfch 95,00, 84,620 3,571,959 3,626,737 Pitts Cin Chic It StL January __Chic Dui & Southern -See New Yon. Cad teal. Raleigh It Southp't JanuaryChia Nfilw & St Paul January __ 4,308,998 1,135,355 36,816,798 35,473,987 Reading Company January __Ch I: do North West r January -- 4,656,739 1,393,853 49,989,868 10,530,567 Coal It Iron Co January __Chic St Paul M & V January -- 1,088,819 956,872 8,226,559 8,161,134 Tot& both eos_ _ January _ _Chic Term .TransR h January -- 77,545 77,438 650,048 681,853 filch Fred It Pot_r January __an Ham & Dayt_r_ J.. ntTLw__ 579,217 574,667 4,829.082 5,225,543 Rio Grande June_ DecemberCincinnati Northern
8e York C. .•u (rat. Rio Grande South.._ 1st wk 111.113
()ley Cln Chic & St 1. -See New York CLa tral. Rock Island System January __Colorado Midiand_i January -- 197,257 158.226 1,427,039 1,455,437 e St L It San Fran January --Pa Colorado & South 20 wk Mch 256,104 242,767 11,030,946 10,701,617 f Evansv & '1'er H January _Col Newb It IAur__ January __ 24,069 31,549 165,491 174,740 Total of all lines_ January __Copper Range Cornwall
December..January --
54,60,49,160
58,1264,334
408,72548,69r.
447,23994,151
St Jos It Grand Isl..St Louis Southwest_
January .._20 wk Mch
Cornwall It Leb___r January __ 80,549 15,044 188,887 203.659 San Ped LA It S D-r January __Cuba Railroad January -- 218,2 183,704 1,065,86" 1,053.126 Seaboard Air Line__ January __I Delaware & Hud January -_ 1,311.113' 1,453,251 10,981,693 12,205,036 Atlanta It Birm_ January __Del Lack It West January __ 2,609,881. 2,518,556 9,830,171 20,656,613 Florida West Sh. January --Denver & Rio Gr 2d wk Mch 353,000 287.300 14.555,525 15,139,944 Southern Indiana... January __Det Tol & Iront sy6 1st wk Mch 22,432 26,186 1,088.736 1,210,175 C Southern Pao Co.... January _ _Ann Arbor 1st wk Mch 36,46'2 29,131 1,196,803 1,366,080 Southern Railway__ 1st wk Mch
Detroit & Mackinac 2d wk Mch 29,294 22,379 794,204 839,543 Mobile It Ohio__ 1st wk MchDui It Iron Itange_r January __ 78,916 87,641 4,752,742 5,200,846 Cin N 0 It Tex P_ 1st wkDui Sou Sh & AU 2d wk MO 43,996 51,163 1,866,890 2,216,430 Ala Great South.. 1st wk If&El Paso It So West.r January -- 599,082 4,016,089 Georgia Sou It Fla 1st wit MchErie January 3,585,307 3,681,328 29,793,690 31,187.0611 Texas Central 1st wk MchEvansville & Ter. HFairchild 36 Nor E__
.1ohns 36 Glov
-See RockJanuary --January --
Island S1,261
53,421
ystem.1,616
51,91211,313
450,80311,590
490,594
Texas It Pacific.. Tidewater It West_Toledo It Ohio Cent
2d wit MchJanuary __-January
iondaeor _ gia klailroadeorgla South & Flarand Trunk Syst__
January -_-See Sout20 wk Moh
234,012hero Itall709,81i,
237;30,way.677,895
1,718,261
f,7,435.522
1,830,499
30,280,308
Toledo Peor Is WestToledo St I. It WestTombigbee Valley.._
1st wk Mch1st wit MchJanuary __
Or Trunk West_.: 1 th Wit Feb 113,549 3,622.788 4,138,997 Union Pacific Syst_ January __Dot Or Hay & Mil ' th wk Feb 28,776 37,195 1,108,827 1,253,540 Vandalla JanuaryCanada Atlantic.. ti4 wit Feb 26,007 32,450 1,211,347 1,416,414 Virginia &Sou West January __
Great Northern Syst February _ 3,267,648 2,811,940 36,803,189 40,391,606 Wabash 20 wit MchOur: It Ship Island.. January __ 1( 3,545 101,o0 1,108,498 1,353,919 Western Maryland r DecemberHockaig Valley____ January __ 399,523 328,.3-. 3,857, 92 4,047;548 West Jers It Svash_ January _ _Illinois Cen ral____ February .. 4,468,153 4,389,470 28 542,052 40,922,606 Wheel It Lake Erie r JanuaryIn ze,•ii • t & Gt Nor.. 20 wk Alch 128,009 119,000 5,852,084 o,104,602 White Riv(Vt) 2wksend Feb 27a Interoceanic Mex_ 1c1 wk Mch 137,569 148,605 4,432,630 5,479,760 Wisconsin Central _ 2(1 wk MeliIowa. Central 'id wk Meh 67,457 56,74',.. 2,102,888 2,205,622 Wrightsv It Tehn_ _ JanuaryKanawha & Mich ianuary _ 147,788 139,90 1,347,903, 1,328,801 Yazoo It Miss Vail.. February _Kansas City South_ january _ 685,530 646,103 5,168,166 5;687t025K 0 Mex & Or!eilt January 766,000 568,000Lake Erie & Witst'e -See New York Cen its,. rarious Fiscal Years.
Shore & 51 :',on -See New York Ct.nBellefonte Central takeehigh Valley .TantiarY -- 2,540,278 2.639,721) 19,562,007 22,125,624
exin ton I: East_Long slam,
nuary,a _.puary --
29,041Medi',
29,324623
221,821Dec.321
316,134,499
1 Delaware It Hudson Mantstiqtue
Louisiana & Arka,n_ January -- 114,52 78,696 648,582 688,179 Mexican Railway Louis Ifend & St L.. 2.1 wit Feb 22.511 16,35r. 669.065 672,661 Mexican Squthern
& Nashville.. 20 wk Mai 844,375 800,980 32,358,210 32,734,480 New York Central It Hud River_i acon & Birmingh_r
a
ulwFebruary _ 12,050 11.916 92,713 1,06,695 Lake Shore It Mich Southern..
ine Central ___..r Ian vary 590t7.-, 601. ;. 4,92..,,\72 5,325,849 Lake Erie It Western Manistique February - 4,0/2 2,171 33,316 40,203 Chicago Indiana It Squthezn_Mary and I:. :'enn.._ Unuary 23,538 23,755 220,571 237,104 Michigan Central a hlexibaa Central__ January _ _ 841;455 2,904,259 18,155,897 ?.1,407.,711 Cleve Cln Chic It St Louis a Mexican Internat_ 2d wk Mch 157,589 151,631 4,783,681 6,032,498 Peon& It Eastern a Mexi2an Railway_ 4th wk Fe!' 136,401 164,000 4,566,301 4,454,200 Cincinnati Northern a MeXican SouthernMichigan
4th wk FebSee Ntw Y
35.000ork Otntr
3,0,111.et,
834,462 838,523 Piffebureli h Lake Erie Rutland,Central-
Mineral Range 2d wk Mch 14,523 15,861 579,07 5(4,440 New Yorli.Chicageo 36 St LouisMlnneap & St Loui-. 20 wk Mch 83,740 74,528 2,991,010 2,844,664 Total' all lines 4-Mon St P & S S M.. 2d wk Mc 204%03,0 223,28 8,077,210 8,504,782 Northern Central Missouri Kan de T.:Mb Pac 86 Iron hIt_o'Central Branch_oTotal system.... -o
January __20 wk Mch20 wk Mc20 wk Mch
,005,219795,0003.4,000
829,000
1,791„386707,00030,000
737,000
15,797,58731,681.351:1,215,000
32,896,3.59
15,092,84831,661,1891,107,000
32,768,189'
Penn'-East of 'Mitts It Krie-a West of PIttsiwrgh It Erie..
Phila Baltimore & WkshIngtonPitts Cin Chicago It St Louis
WWI° Jack & K C Wk Feb 13 30,129 23161 995,421 987,634 Rio Grande Junction_ Nashv Chat t It St L January - 969,959 878%011 6,504,226 6,655,381 Texas It Pacific L a Nat Ry's of Mexico 2d wk Mc 1,0315,006 992,190 14.760,767 16,402,070 West Jersey It Seashore
,i Mexican currenzy. t O Includes earninzs,ol Uulf &Chicago Division. c Includes the Houston 34 lexas Central anti Its subsidiary lines In bOthyears. 1 Covers lIntss.directly operated. e Includes the Chicago It Eastern Illinois In bo4137,ears. r Includes Evansville It Indiana RR., h ,IneludQ3earningl et Col. & South., Ft. Worth It Denver City and all afpliated lines, excepting 'Malty It Brazos Yallsy.R11. 4: Includes In both yeors earnaof _Denver 'Enid It 'Oil, ,rtit , Pecos'Vattay Systemand:Santa Fe resoott &Phoenix By. i These figures do not Include receipts frin tiln se' Est .errlgur_es here areion k.lic old asis' et accounting-not the sew,tit•Irlier-litate Comater,oe COmmtsslon metta00. r These figures are en the,,st*enresevi bskrbli' the- Intiw-Shae Continerse Conunlo
,ston. . . • . . .
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MAR. 20 1909.1 THE CHRONICLE 741
Latest Gross Earnings by Weeks.-In the table whichfollows we sum up separately the earnings for the first weekof March. The table covers 44 roads and shows 9.31%increase in the aggregate over the same week last year.
First Week of March.
Alabama: Great Southern Altanta Birmingham & AtlanticBuffalo Rochester & PittsburghCanadian Northern Canadian Pacific Central of Georgia Chesapeake & Ohio Chicago & Alton Chicago Great Western Chicago Indianapolis & Loulsv_Clue New On & Texas Pacific_ _Colorado & Southern Denver & Rio Grande Detroit & Mackinac Detroit Toledo & Ironton Ann Arbor
Duluth South Shore & Atlantic_Georgia Southern & Florida_ _ _ _Grand Trunk of Canada Grand Trunk Western Detroit Gr Hay & Milw_ _ _ _Canada Atlantic
International & Great NorthernInteroceanic of Mexico Iowa Central Louisville & Nashville Mexican International Mineral Range Minneapolis & St Louis Minneap St P &SSM Missouri Pacific & Iron Mtn_ _ _ _
Central Branch Mobile & Ohio National Rys of Mexico Nevada-California-OregonRio Grande Southern St Louis Southwestern Southern Railway Texas Central Texas & Pacific Toledo Peoria V Western Toledo St Louis & Western__ _Wabash Wisconsin Central
Net Earnings Monthly to Latest Dates.In our "Railway Earnings" Section, which accompanies
to-day's issue of this journal, we furnish full details of thegross earnings and expenses for the latest month and thefiscal year to date of all roads that are obliged to file monthlystatements with the Inter-State Commerce Commission.We print here, therefore, only the returns supplied by thecompanies themselves, or, rather, such of them as have comein this week. Where the figures furnished by the companiesdiffer from those filed with the Commission, the readershould understand that the basis of computation is different.
July 1 to Jan 31 225,549 223,930 c54,124 c20,624Toledo Peo & Western_ __Jan 22,201 25,482 zdef10,630 x6,170
July 1 to Jan 31 173,194 201,711 zdef12,286 zdef17,030-
c After allowing for miscellaneous charges and credits to income.z After allowing for other income received.
STREET RAILWAY AND TRACTION COMPANIES.
NameRoad,
Latest Gross Earnings.
Week orMonth.
Current PreviousYear. Year.
American Rya Co_ __ February 199,094C Aur Elgin & Chiefly January __ 90,637Binghamton St By. February _ 24,061Birm Ry Lt & Power January __ 192,343Brockton & Ply StRy January __ 7,086Camaguey Co January __ 11,337Cape Breton Eke Co_ January __ 18,332Central Penn Trac_ _ _ February .. 52,871Charlest Con FiyG&E February 50,025Chicago Railways Co_ January __ 922,528Cleve Painesv & East January __ 18,318Dallas Electric Corp_ January _ _ 117,107Detroit United Ry__ _ 1st wk Meh 125,169Duluth Street Ry 1st wk Jan 16,144East St Louis & Sub_ January __ 153,539El Paso 1.11ectric January __ 51,512Fair & Clarksb Tr Co. December. Ft Wayne & Wabash
Valley Traction Co °January __I 100,673Cialv-Hous Elec Co__ January __ 91,435eran(l Rapids 11ys Co February 71,451Havana Electric Ry_ Wk Mei 14 30,596Honolulu Rapid Trim& Land Co.._ December.. 38.293
Houghton Co Trac CoIllinois Traction Co__Jacksonville Elec Co_Kansas City Ry & LtKansas City-WesternKnoxville Ry & Lt CoLake Shore Elec Ry_Lex & Inter Rys Co_ _Little Rk Ry & El CoMemphis Street Ry_ _Milw Elec Ry & Lt CoMilw Lt Ht & Trac CoMontreal Street Ry_ _Nashville Ry & LightNJ & HR Ry & FyCoNorth Ohio Tr & Lt_North Texas Elec Co_Norf & Portsm Tr Co.Northwestern Elev_ _Oakland Traction Co_Oklahoma City Ry_ _Paducah Tr f& Lt Co_Pensacola Electric CoPortland Ely L & PCoPorto Rico Rys Co__Rio de Janeiro TramLight &
Power_- __
St Joseph (Mo) By LtHeat & Power Co_
San Fr Oak & San JoSao Paulo Tr Lt & P.Savannah Electric CoSeattle Electric Co_ -South Side Elevated_Sou Wisconsin Ry CoSpringt (Ill) R & L CoTampa Electric Co_ _Toledo Rys & Light_Toronto Railway_ _Twin City Rap Tran_Underground El Ry
of London-Three tube lines...Metropolitan Dist _United Tramways_
United RRs of San FrUnited Rys of St L..Whatcom Co Ry & Lt
Latest Gross Earnings. Jan. 1 to latest date.
Week or Current Previous Current PreviousMonth. Year. Year. Year. Year.
Street Railway Net Earnings.-The following table givesthe returns of STREET railway gross and net earningsreported this week. A full detailed statement, including allroads from which monhtly returns can be obtained, is givenonce a month in these columns, and the latest statement ofthis kind will be found in the issue of March 6 1909. Thenext will appear in the issue of April 3 1909.
-Gross Earnings-- -Net Earnings-Current Previous Current PreviousYear. Year. Year. Year.
Roads $ i $ EBinghamton Street Hy_ _Feb 24,061 21.364 10,841 7,006
Jan 1 to Feb 28 50,354 43,799 22,719 15,238Central Penna. Tract Co_Feb 52,871 50,722 10,832 6,428
Jan 1 to Feb 28 110,196 103,448 24,184 12,655Charleston Consol Ry_a_Feb 59,024 58,232 21,366 18,822
Mch 1 to Feb 28 756,327 727,661 266,815 260,579Montreal Street Ry Feb 284,090 270,224 84,178 68,775
Oct 1 to Feb 28 1,514,615 1,458.463 655,063 514,987Oklahoma City Ry Feb 24,599 17,013 7,949 4,093
Jan 1 to Feb 28 49,702 33,929 16,045 7,455Schenectady Ry- b-
Oct 1 to Dec 31 213,244 246,273 60,803 79,218July 1 to Dec 31 467,291 566,744 155,333 155,379Jan 1 to Dec 31 880,229 1,065,741 256,330 297,127
United Rys of St Louls_a Feb 808,160 775,454 276,382 255,914Jan 1 to Feb 28 1,637,196 1,602,852 560,666 528,953
Utica & Mohawk Valley- b-Oct 1 to Dec 31 269,524 272,418 102,341 112,917July 1 to Dec 31 580,124 600,011 231,393 221,788Jan 1 to Dec 31 1,089,342 1,120,410 429,473 396,388
a Net earnings here given are after deducting taxes.b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.-lid., Rentals, etc.-
PreviousYear.
-Bid. ofCurrentYear.
Net E'ngsPreviousYear.
Binghamton Street Ry_ _Feb 9,411 8,269 1,430 def1,363Jan 1 to Feb 28 18,313 16,565 4,404 def1,327
Charleston Consol Ry___Feb 13,992 13,443 7,375 5,378Mch 1 to Feb 28 165,800 162,006 101,015 98,573
Montreal Street Ry Feb 32,037 82,947 52,141 35,828Oct 1 to Feb 28 145,342 148,135 409,721 366,852
Schenectady Ry-Oct 1 to Dec 31 29,964 30,846 z34,036 z56,437July 1 to Dec 31 62,116 65,750 z97,707 z100,006Jan 1 to Dec 31 122,255 128,081 x140,869 z182,456
United Rys of St Louis_ _Feb 234,917 233,418 41,465 22,496Jan 1 to`.Feb 28 470/485 466,872 90,181 62,081
Utica & Mohawk Valley-Oct 1 to Dec 31 50,573 49,432 x53,879 z96,448July 1 to Dec 31 132,808 130,874 z103,509 z125,202Jan 1 to Dec 31 296,278 291,925 z145,628 z139,699
x After allowing for other income received.
ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steamrailroads, street railways and miscellaneous co 5 panics whichhave been published during the preceding month will begiven on the last Saturday of each month. This index willnot include reports in the issue of the "Chronicle" it whichit is published. The latest index will be found in the issueof Feb. 26. The next will appear in that a Marc& 24.32,755 382.130 367.164
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7 42 THE CHRONICLE [VOL. Lxxxvm.
New York Central & Hudson River Railroad(Report for Fiscoa Year ending Dec. 31 1908.)
On subsequent pages there is published the report atlength, also the balance sheet and comparative tables oftraffic, equipment, &c.Below is given a four-year comparison of the earnings,
.expenses, charges, operations, &c.:FISCAL RESULTS FOR CALENDAR YEARS.
Total assets 483,428,920 481,462,669 449,681,039Liabilities-
Capital stock 178,627,100 178,627,100 178,177,800Consolidation certificates 4,900 4,900 4,900Bonded debt (see "Ry. & Ind." Sec.) .243,414,845 230,414,845 230,414,845Bonds and mortgages payable 150,000 150,000 150,000Three-year gold notes 25,000,000 25,000,000Wages and supplies 6,844,889 10,047,456 9,594,496Traffic balances payable 2,198,770 4,656,491 2,708,559Interest and rentals accrued 6,759,604 6,561,869 2,542,430Dividends payable January 2,232,900 2,679,480 2,237,987Dividends and interest unclaimed , 78,835 81,273Sundry accounts payable 1,995,278 1,851,948 1,537,562Loans and bills payable 110,000 1,620,000 187,000Bonds past due 16,790 20,290 4,790Special improvement fund 2,243 2,353,474Securities in trust for lessor companies 3,035,752 3,035,752 3,036,813Aecounts with lessor companies_ 2,011,231 2,013,367 2,017,576Profit and loss 10,946,871 14,698,092 14,631,554
Total liabilities 483,428,920 481,462,669 449,681,039-V. 88, p. 686, 624.
Lake Shore & Michigan Southern Ry.(Report for Fiscal Year ending Dec. 31 1908.)
On subsequent pages is published the report at lengthalso the balance sheet and comparative tables of trafficequipment, &c.The comparative statistics for four years, compiled for
the "Chronicle", are as follows:OPERATIONS AND FISCAL RESULTS.
Miles operated Dec. 31..ler Equipment-Locomotives Passenger cars Freight cars Working cars 0Operations-Passengers carried (No.)Passenger mileage 491,518,018Rate per pass. per mile_Pass earns. per train mileRev. fgt. (tons) moved_Freight (tons) mileage Av. rate per ton per mileTons of revenue freightteXper train mile Fgt. earns, per train mile
Total $5,318,763 $6,439,190 56,317,719 $5,838,344:Surplus 5208,779 561,528 553.053 $41,550
Profit and loss account, see on subsequent page.CONDENSED GENERAL BALANCE SHEET DEC. 31.
1908.Assets-
Road & equl p't_125,701,334Stocks other cos. 2,127,971Bonds other cos. 1,498,991Equip. tr. ctfs_Advances *3,571,793Fuel & supplies_ 1,494,150Cash 2,247.504Cash in banks to
pay coupons,diva., &c...._ 467,103
Loans and billsreceivable 131,935
Traffic balancesreceivable 858,794
Sundry collecti-ble accounts _ 2,573,483
New car con-tracts(per con-tra) 509,275
•Other Item/L.__ 21,371Peoria & EasternRy. Co 55,266
Bond int. unci'd 70.330 58,480Div. on pref__ 125,000 125,000Div. on corn 470,563Divs. unclaimed 17,194 21,792New car contracts
per contra) 509,275 1,468,306Peoria & East.By. Co 47,054
Trust equip. re-placement fd_ 5,314
Mt.G. Sh.L. By. 2,445 4,433Profit and lose, 2,078,461 1,847,568
Total 141,301,970 141,659,527
*Kankakee & Seneca By., $117,000; Central Indiana By., $780,129; Short Linedivision, $1,328,831; real estate, $41,151; Springfield Union Depot, $1,840; Cin-cinnati Union Depot, $60,000; Evansville Mt. Carmel & Northern, $203,551; SalineValley By., $12,059; Saline & Williamson Counties property, $968,302; Chicago &Harrisburg Coal Co. property, 558,931.-v. 88, /3. 294.
Philadelphia Baltimore & Washington RR.(Report for Fiscal Year ending Dec. 31 1908.)
President James McCrea says in brief:General Resuits.-The severe industrial depression occasioned a marked
falling off in traffic, the tonnage of the system showing a decrease of over13 ;i% and the ton mileage of about 6 %%. while passe ger mileage showeda decrease of over 7 U%. The average rate received per passenger permile was less than 2 cents.
Gross earnings show a reduction of $1,129,001. This was apparently alittle more than offset by the decrease in operatinglexpenses; but, due to achange in classification, certain charges on account of hire of equipmentand rents are now charged directly against the income account instead ofbeing included in operating expenses as heretofore. The amount paid onaccount of rents also was larger on account of the full year's use of the newWashington terminal station and a readjustment of the charges for the useof the Broad St. station and the elevated line in Philadelphia. The rentalspaid roads operated under net earnings leases also show a considerable in-crease, so that after providing for all fixed charges, taxes and other liabili-ties, there was a net income of $1,456,558, a decrease of $532,317 as com-pared with the previous year.Out of this net income there were paid two dividends of 2% each; and
after deducting $17,526 on account of the principal of car trusts, the bal-ance, $433,513, was applied toward the extraordinary expenditures.
Extraordinary Expenditures.-The items of extraordinary expenditureamounted to $1,223,402. notably as follows:
Right of way at various points $65,338Improvements in Wilmington 82 ,446Havre-de-Grace, new line and bridge, including expenditures for
right of way 99,270New line in Washington. Montana Ave. to Florida Ave., includingone-hall cost of coach yard 564,066
Other improvements in Washington, including elevated, tunnel,delivery yards, &c 281,656
Rebuilding 8 locomotives and pool freight cars 138,921
After applying surplus income of $433,513 toward this expenditure, thereremained a balance of $789,888, which, together with $22,546 transferredfrom real estate account, a total of $812,434, was charged to cost of road.
It will be seen from the above that the principal construction and equip-ment expenditures for the year covered the completion of the passengerstation at Wilmington, the final payments on account of the new bridgeover the Susquehanna at Havre-de-Grace, and the further construction,in connection with the Washington improvements, of the line from MontanaAve. to Florida Ave.. the Eckington coach yard, the Virginia Ave. elevatedand Maryland Ave. subway, and the 9th St. and 12th St. delivery yardsin that city.Compensation from Government.-The Washington Terminal improve-
ment Is now practically completed, and in consideration of the surrenderby your company of its Tightto have a passenger station in the Mall, and asa contribution toward the expenditure made by your company in the re-vision of your line through that city, and the conveyance of the old stationproperty at 6th and B streets to the United States Government, the com-pany has received the sum of 51,500,000 in conformity with the Act ofCongress of Feb. 28 1903. This payment has eliminated the charge here-tofore carried to tha account on the balan e sheet. (See description ofterminal in "Railroad Gazette" of New York for Oct. 23 1908, page 1192.-Ed.)Bond Sale.-In accordance with authority given at a special meeting of
the stockholders held July 31 1907, a sale was made (V. 87, p. 1605) onDec. 16 1908 of 55,000,000 of your 4% serial gold loan bonds, bearing dateJan. 1 1909, of which the sum of $500,000 matures annually from Jan. 11915 to Jan. 1 1924, at which date the entire amount will have been paid.The proceeds thereof, together with the sum received from the United States,were used to repay moneys heretofore advanced to your company for con-struction purposes.Sub-Companies.-The Delaware RR. shows a considerable decrease in
gross earnings, and, while the operating expenses were materially reduced.the net income showed a substantial decrease as compared with 1907. Byreason of severe economies the company was able, after paying dividendsaggregating 8%, to transfer $200,000 to its extraordinary expenditure fundto cover future betterments and improvements, and to carry a balance of$19,244 to the credit of its profit and loss account.The Philadelphia ec Baltimore Central RR. shows a decrease in gross
earnings, but a greater decrease in expenses, so that its deficit after meetingall charges was but $21,542, as compared with $72,081 for the previousYear. The Philadelphia & Delaware County RR. shows a surplus of$6,564 after meeting all charges. The Delaware Maryland & Virginia RR.shows a deficit of $44,619 in meeting its liabilities.The Columbia & Port Deposit Ry., which was closed for a large portion
of 1907 by reason of the building of the dam at McCall's Ferry, was in fulloperation during the year, and shows a surplus of $15,873 after meeting Itsfixed and other charges.
Securities Held.-The statement of securities owned shows an increaseIn the holdings of certificates of indebtedness from subsidiary companies(Wash. Term. Co., $150,000; other. $42,000) and also in your hold-ings of the stock of the Washington Terminal Co. (from $1.500,000 to52,061,000); less the amount of securities sold to your sinking fund, and theJunction RR. stock, eliminated therefrom by reason of the absorption ofthat road by the Pennsylvania RR. Co.
Trackage Flights.-In connection with the acquisition of that propertyby the Pennsylvania RR. Co., It granted your company trackage rightsover the Junction RR. from Gray's Ferry to West Philadelphia Station.and thence over its elevated line into Broad St. Station for 100 years.upon payment of a proportionate share of the cost of operation, taxes andinterest on the value of the facilities used.
OPERATIONS AND FISCAL RESULTS.
Operations- 1908.Miles operated 716Passengers carried 12,087,963Pass. carried 1 mile_ _ _ _347,443,265Rate per pass. per mile- 1.947 cts.Tons carried 13,708,293Tons carried 1 mile 837,851,164Rate per ton per mile_ _ _ 0.923 cts.Earnings- $
Washington __- 1,500.000 Mtges. and groundStocks owned ____ 8,046,301 7,658,651 rents 284,623 284,623Bonds owned ____ 723,350 567,319 Pay-rolls & vouch_ 860,707 1,777,475Net traffic balances 55,969 Interest accrued,Due from other not matured ___ 209,900 209,900companies, &c.,other than traffic
Due controlled cos. 1,564,486Due individs.&cos. 184,725
1,314,483
balances 448,356 1,054,241 Accounts payable_ 6,081,505Due from agents- 499,849 556,723 Sinking fund 500,000 500,000Materials on hand_ 589,512 914,087 Car trust principalCash 677,057 539,072 charged off ____ 110,652 82,989Sinking fund 500,000 500,000 Taxes awaiting set-Miscellaneous 1,336 28,029 tlement 94,909 93,379
Miscellaneous 94,803 64,463Profit and loss_ 4,064,402 3,658,882
Total 58,107,207 59,205,649 Total 58,107,207 59,205,649-V. 88, p. 686.
Twin City Rapid Transit 0o.,plinneapolis, St. Paul, &c.(Report for Fiscal Year ending Dec. 311908.)
The report signed under date of Jan. 20 1909 by PresidentThomas Lowry (who died Feb. 4 1909) says in substance:
General R.sults.-The gross earnings have increased $343,767, or 5.68%.and the operating expenses $185,620, or 6.23%, of which approximately$50.000 was due to highe: scale of wages authorized in June 1907. Therewas thus an Increase In net earnings of $158,147. Owing, however; to anIncrease in taxes of $28,824 and in bond interest of $107,368, togt.therwith a larger appropriation to renewal funds, the net surplus is $16,046 lessthan the previous year. Considering the business depression that wasexperienced during the year, the results are gratifying and would seemfairly to indicate what might be expected under favorable business condi-tions.
Maintenance-Renewal Fund.-Maintenance expenses have been In-creased by 334,719. the property maintained at a high standard or effi-ciency, and the car mileage increased 7.41%. In addition to maintenancecharges of 5496.676, renewals have been made and charged to the renewalfund to the amount of $256,006. The direct appropriation to the fund forthe year was $544,000 and Interest to the amount of $29,800 was furtheraided to it, an increase of 350.300 on the appropriation of the previous year.The renewal fund (inaugurated in 1904) now amounts to $1,173,714, ofwhich $1,173,500 is invested in the 5% bonds of the company.
Construction.-There was expended in new construction $1,131,868,distributed as follows:Additions to power plant__$386,285 Track,suburb.($41,738),&c. $65,543New shops at Midway 26,593 Selby tunnel 18,577Car equipment 449,607 Buildings and fixtures 3,064Track, Minneapolis 152,644 Big Island and Tonka Bay__ 29,554Bonds.-Of the Minneapolis Street Ry. Co. 7% bonds, $20,000 were
redeemed May 1 1908. An equivalent amount of 1st consols may be issuedin place of them. There were issued during the year 31.643,000 of theconsols due 1928: of these. $343,000 were acquired for renewal and reservefund investments.
a In 1906 figures $50,000 are added to item of injuries and damages asappearing In report of that year to cover estimated amount of deficiencyin reserve in consequence of awards in court decisions proving higher thananticipated, the surplus of the year being therefore reduced by that amount.S In the report of 1905 this item appeared as $240,000 anti the surplus as
$257,933; but after it was published, the directors appropriated an additional$100,000 for renewals out of the surplus, as stated in the report of thePresident.
GENERAL BALANCE SHEET DEC. 31.
Resources-Roadway, &c., including
securities in treasury_Notes & accts. receivableCash ,..____Materials and supplies__Insurance fund, Renewal funds
_ TotalLiabilities-
Common stock Preferred stook Funded debt Unpaid vouchers, &c_ Taxes accrued, not dile_Int. accrued, not due__ _Bills payable Dividend payableRenewal funds . Miscellaneous Special reserve Income account-surplus
United Raftways Company of St. Louis.(Report for Fiscal 'Year ending Dec. 311908.)
The usual 'comparative, tables were in V. 88, p. 501.President John I. Beggssays in substance:Ecirnings.-Passenger eamingti,for 19.08 as compared with 1907 decreased
$248,320, equal to 3.33%. Operating expenses, taxes and depreciationwere reduced $308,423, equal to 4.35%. The amount available for divi-dends increased 950,186. Dividends paid on the preferred stock inereased$200,000, owing to the fact that the $4,000,000 pref. stock !Muted for theacquisition of the Si. Louis & *uburban Jan. 1 1907 commenced to partici-pate in dividends Jan. 11008. - The earnings remaining available for divi-dends ea $iss 11,00k kir 11/08 wows 5207,808, equivalent to sllghtlf
over 4-5 of 1%. The percentage of passengers using transfers during 1908•increased to 44.50, as against 42.34 for 1907 and 25.70 in 1900. Theaverage fare per passenger in 1908 was 3.35c., as against 3.39e. in 1907and 3.48c. In 1900Funded Debt.-There has been no change in the funded debt during theyear. The $1,200,000 collateral trust notes are still outstanding, theMississippi Valley Trust Co. not having exercised its option to purchase the$1,500,000 4% bonds of this company, but which there is every reason to,believe they will do before the expiration of the option on July 1 1909.It will be necessary in the near future to devise plans for comprehensivelyproviding for future financing, as the growth of the city will necessitatemany extensions.Roadway, &c.-During the year there were rebuilt 21.47 miles of track,
of which 18.83 miles were 9-in. 112-1b. groove rail laid on concrete. Inaddition 11.52 miles of track was rebuilt, by placing new ties and concreteunder old rail, 16.14 miles of T rail track on the county lines have beentamped, ballasted and re-surfaced in a substantial manner. With an approx-imately like mileage of track reconstructed annually for several years, mostof our very worst track will have been reconstructed and an appreciabledecrease in maintenance expenses should result. To the paved trackthere have been added during the year 16.79 miles.
Rolling Stock.-A license was obtained from the Pay-as-you-enter Car Co.and 230 of our cars changed to that system and put into operation withsatisfactory results, it being our intention to change such of our cars as aresuitable for this system and put them into operation as rapidly as possible.On account of the general depression of business and the falling off of passen-ger traffic, only two additional new cars were finished and placed on ourlines during the year.One Mill Passenger Tax.-[The report refers to the decision of the United,
States Supreme Court in May 1908 sustaining the right of the city to levythe tax of 1 mill per passenger (V. 86,p. 1287) and says that since thedecision was handed down Judge H. S. Priest, the general counsel for thecompany. has filed a bill in the State Court to enjoin the city from enforcingthis tax upon several grounds, the chief one being that it is a tax upon theincome and hence a tax upon all of the property of the railways, which.already pays an ad valorem tax upon the assessment made by the StateBoard of Equalization. Judge Priest contends this is double taxation, notjustified by the city charter or the Constitution of the State of Missouriand expresses great confidence in defeating the tax.[
SUMMARY OF CAPITAL EXPENDITURES FOR YEARS 1905 TO 1908
• Credit items in 1905 and 1906, representing cars and equipment soldSee also tables of earnings and balance sheet in V. 88. p. 501, 507.
Havana (Cuba) Electric Railway.(Report for Fiscal Year ending Dec. 31 1908.)
President Warren Bicknell, New York, Feb. 111909, says:The following is a comparative statement:
1908. 1907. 1906.Operating railway mileage 50.4 50 50.Gross earnings per track mile $38,448 35 $36,217 76 $31,40603Net earnings per track mile 19,168 09 12.251 82 18,923 11Ratio operating expenses to earnings_ 50.15% 53.27% ' 60.98%During the past year a decree was issued by the Provisional Government,
of Cuba giving authority to the Havana Electric Ry. Co. to constructabout 30 miles of extensions or new lines into sections of the city of Havanaand suburbs not served by existug lines. The importance of this conces-sion is the more fully appreciated when we consider that the track-mileearnings for the past years were in excess of $38,000, which approximatesthe maximum earnings attainable upon such a system. Many of theextensions authorized should be constructed by the company at once,both because necessary for the convenience of a large number of peopleand because they will prove a profitable investment.The directors have been able during the year to declare and pay dividends
aggregating 6% on the preferred and 1% on the common stock.
Reserve for divs_ 149,637Profit and loss sect ' 329,821
1907. :$
7,500,000;5,000,0008,972,561
:
82,444
269.000'75,"
241,796
Total_ _ -22.409,106 22,433,142
United States Steel Corporation.
(Report for Fiscal Year ended Deic. 31 1908.)The annual report, signed by Elbert H. Gary, Chairman'
of the Board, and President William .E. .Corey, will befound substantially in full on subsequent pages of to-day's"Chronicle." Given with it are many important tables of:operations, balance sheet, &c.The following tables show the gross total income for the
calendar years and the deductions which are made in order todetermine the net earnings; also the amounts appked bo thepayment of interest, dividends, &c., of the CSOrpOratiOnitself, and finally the surplus from the yeatoS operationw•
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MAIL 20 1909.1 THE CHRONICLE 745GENERAL ACCOUNT OF THE CORPORATION AND ITS
SUBSIDIARY COMPANIES.
,
'Gross sales and earnings Manufac. cost and open expenses_ __a367,735,103a564,166,777a517,083,955Admin., selling and general expenses,
excl. gen'l exp. of trans'n cos Taxes Com'i discounts & int.& mind
Total expenses Balance
Miscell. manTg.. &c., gains Rentals received
Total net income Proportionr of net profits of prop-
erties owned whose gross revenue.&c., are not included
Interest and dividends on invest-ments and on deposits, &c
Total income Sub. company int. charges, doc.-
Int. on bonds & snorts, sub. cos_ Int. on bills pay. & pur. money
obi's of sub. cos. & miscell. Int_ _ _
Total underlying int. charges Balance cLess profits earned by sub. cos
a The expenditures for ordinary repairs and maintenance were $29,-000,000 (approximate) in 1906, $35,000,000 (approximate) in 1907 and$27.000,000 (approximate) in 1908. b Includes those of Tenn. Coal, Iron& RR. Co. Er m November 1907. c Profits earned by sub. cos are salesmade and services rendered account of materials on hand in purchasing cos'.Inventories and which profits have not yet been realized in cash from thestandpoint of a combined statement of the U. S. Steel Corp. and subsidi-ary companies.'INCOME ACCOUNT OF UNITED STATES STEEL CORPORATION
1908.
Total net earnings 91,847,710Deduct charges,
Deprec. and extin. and extra. repl.' funds (reg. prey%) 15,377,111
1907.
160,964,674
22,241,983
1906.
156,624,273
21,253,272Spec. fund for Improvements and
construction 3,500,000 7,500,000Expenditures made and to be, madeon add'i prop. & cons'n, ace_ .._ 35,500,000 28,500,000
Set aside for contemplated apPro-priations. &•3 • 18,500,000 21,500,000
Charged off for adjustments cr.94,035 681,516 90,502Int. on U. S. Steel
Corp* bonds____ 23,882,647 22,860,353 22,839,850
Sinking fund U. S. Steel Corp 5,385,203 5,137,497 4,908,000do subsidiary cos 1,588,070 1,977,761 1,904,084
Total deductions 81,504,723 145,784,838 143,881,415Undivided profits for year 10,342,987 15,179,836 12,742,859
• Includes operating results of Tennessee Coal, Iron & RR. Co. since Nov.1907.
GENERAL BALANCE SHEET OF UNITED STATES STEEL COR-PORATION AND ITS SUBSIDIARY 'COMPANIES DEC. 31.
• 1908. 1907. 1906.Assets-
Properties owned and operated by. the several companies c1,458,205,725 1,435,540,088 1.378,185,605Expend. for imp'ts, explo., strip-
ping and develop, at mines andfor advanced mining royalties,&a., chargeable to future oper-ations of the properties 22,243,595 14,002,116 7,494,961
Cash held by trustees on acct. ofbond sink. funds (in 1908,$38,086,500) par value of red.bonds held by trustees nottreated as an asset) 543,962 444,201 397,288
Investments outside real estateand other property owned_.. _ 3,083,000 1,717,120 1,617,351
Insurance fund assets* 5,009,556 4,120,159 3,649,971Investments for depreciation and
extin. funds* 13,269,254 10,741,977 11,708,499Investments for Gary plant• 2,537,507 15,920.542 10,145,789Inventories z 143,179,829 136,188,874 119,897,467Accounts receivable 34,708,118 58,398,454 58,836,773Bills receivable, customers' andguar. loans 6,201,532 10,193,707 4,203,933
Agents' balances 711,044 835,269 672,576Sundry stocks and bonds 4,823,800 8,831,154 7 .720,348Loans on collateral 50,000 6,000,000 7,600,000
• Cash 49,548,053 53,963,849 67,636,808Contingent fund and mind_ _ _ _ 1,902,756 1,215,523 1,542,398
Total assets 1,746,017,531 1,758,113,014 1,681,309,769Liabilities-
Common stock 508,302,500 508,302,500 508,302,500Preferred stock 360,281,100 300,281,100 360,281,100Bonds held by public 593,231,210 600,185,271 562,156,250Mortgages of subsid. companies 1,834,325 2,135,240 2,514,628Purchase money obi!. of sub. cos 2,527,656 3,258,701 1,717,500Current accts. pay. and pay-rolls 20.858,014 22,508,488 23,853,579Bills and loans pay. (sub. co's) 840,500 1,052,748_ _Employees' deposits, &c 923,845 1,057,495 1,077,292Accrued taxes not due 3,577,024 3,736,748 2,728,361,Accr'd int. & unpres'd coupons. 7,986,038 7,863,914 7,166,344Preferred stock dividend 6,304,919 6,304,919 6,304,919Common stock dividend 2,541,513 2,541,513 2,541,513S. 1. U. S. Steel Corp. bonds 2,530,833 2,530,833 2,530,833Sinking funds of subsid. cos_ _ _ 461,241 790,979 612,698Depreo'n & extin'ment funds 16,848,277 15,837,447 12,441,615Inprove't and replao't funds 22,705,962 22,201,395 23,080,344Spec.cons.fund for acct.Gary,Ind. 7,202,770 26,051,243 26,867,798Contingent and mlscel. funds 8.722,064 7,991,276 7,424,706Const'n fund for auth. app'ns 682,433 3,923,815 3,057,059Insurance funds 5,725,778 4,848,358 3,741,829Bond sink, funds with accret'ns
represented by cash and by re-deemed bonds not treated asassets (see contra) 38,074,012 31,503,976 25,164,788
Undivided surplus of U. S. SteelCorp. and subsid. companies_ d133,415,214 122,645,244 97,720,714
Stocks subsid. cos. not owned_ 840,303 761,810 23,400
(KI
Total liabilities a1,748,017,531 1,758,113,014 1,681,309,769
• At market value in 1907; cost in other years. •Inladdition there are $11,921,000 subsidiary companies' bonds author-
ized or created for capital expenditures made-held in the treasury subjectto sale, but not included in assets.Offc'As follows: Balance of account Dec. 31 1907. $1,435,540,068; adjust-ments deducted In 1908. $114,843; expenditure in 1908 for construction&o., $49,422,697-$1,484,847,922; less charged off to bond sinking funds.$660,000; depreciation, extinguishment and replacement funds, $3,-892,342; funds provided from surplus net Income for payment of capitalexpenditures. 322,089,855; balance, $1,458,205,725.diAs follows: Proceeds of capital stock provided in organization, $25,-
000,000; aceumuktted/surplus, $80,079,477-1105,079,477; .add surplus of
subsidiary companies on sale of materials, &c., to other sub. cos., &c..$28,335,737 (see explanations on a subsequent page)-balance. $133,-415,214.z Inventory valuations include profit accrued to subsidiary companies
on materials and products sold to other subsidiary companies and undis-posed of by the latter-see contra specific surplus account for these profits.The total of all inventories is, however, below the actual current marketprices.-V. 88, p. 569, 509.
Union Typewriter Company.(Report for Fiscal Year ending Dec. 31 1908.)
President Clarence W. Seamans, March 17 1909, says:In addition to the general dulness of trade, this company had to contend
with unusual conditions due to the fact that it was preparing to launchnew model machines, causing hesitation on the part of buyers, and un-doubtedly some lack of enthusiastic effort on the part of salesmen. In theface of such circumstances, it required a good deal of money and effort tokeep the selling organizations intact and maintain a reasonable volume ofbusiness. The net earnings for the year, however, amount to $812,627and warrant the payment of the dividends on both classes of preferredstocks. (Compare V. 86, p. 726.)The new models were put upon the market toward the latter part of the
year, and met With most satisfactory reception. Within the past fewmonths a remarkable change has taken place in the business of the com-pany, and since Jan. 1 the sales have been greater than at any like periodsince the organization of the company.
RESULTS FOR THE YEAR 1908.Profits for the year $812,629Deduct dividends-7% on $4,000,000 1st pref. stock___$280,000
8% on 5,800,000 2d pref. stk•448,000 728,000
Balance, surplus over dividends 484,629
• The dividend paid includes that on $800,000 second preferred held inthe treasury as an investment-see below.
BALANCE SHEET AS OF DEC. 31 1908.Assets-
Plants, patents, trade-marks and good-will 5316.499,693Second preferred stock in treasury 400,000Stocks and bonds in other cos. (net worth) and thLs co.'s 2d
pref. stock, $805,000 2,083,720Inventory of material, supplies, machines, &c 1,542,707Accounts receivable 3,153,175Cash in banks and held by selling companies 278,582Taxes, insurance, &c., paid in advance 56,422
Total $24,014,299Liabilities-
First preferred stock $4,000,000Second preferred stock (outstanding $5,000,000) 6,000,000Common stock 10,000,000Bills and accounts payable (including interest) 1,322,285Surplus (after deducting dividends paid April and October 1908) 2.692,014
Total $24,114,299
• After deducting $2.000,000 for depreciation on patents, plants, &c.Compare V. 86, P. 726.
Otis Elevator Company, New York. •(Report for Fiscal Year ending Dec. 31 1903.)
President W. D. Baldwin, March 12 1909, writes:The volume of the company's business for the year 1908 has approxi-
mated 70% of the sales of 1907. This reduction was due to the generaldepression of business, which has affected the development of, buildingthroughout the country. The decrease in the earnings for the year has.however, been rendered less unfavorable than it otherwise would have beenby the profits accruing from the large amount of uncompleted work carriedover from 1907 and completed in 1908.The smaller volume of work undertaken in 1908 has released a large
amount of working capital and enabled your directors to reduce the com-pany's liabilities over $2.250,000. Bad or doubtful claims have beencharged off and liberal deductions have been made in inventories to meetthe reduced price of materials and for maintenance of plants and im-provements.The reduced volume of business has given the opportunity to further
improve the efficiency of all branches of the organization. While at thistime the prevailing conditions do not point to any great increase in businessin the near futUre, there is good reason to anticipate a sufficient amountof work during the coming year to operate the plants of the company asprofitably as during the past year.Out of the earnings of last year's business the directors have declared
a dividend of 3% on the common stock, payable 1M% April 15 and 1 36%Oct. 15 1909.
RESULTS FOR CALENDAR YEARS.1908. 1907. 1908. 1905.
Net earns, after all chgs.,repairs and renewals__ $832,773 $996,104 $855.167 $912,938Deduct-
Total 16,265,413 18,571,283 Total 10,165,413 18,671,283-V. 86, p. 719.
Diamond Match Co.(Report for Fiscal. Year ending Dec. 31 1908.)
President 0. C. Barber, Chicago, March 15 writes:General Results.-The net earnings for the year 1908 were $1,894.724, as
compared with 22,296,078 for the year 1907. The profits from the manu-facture and sale of matches were approximately as large as for the precedingyear, but owing to the general business depression small earnings werederived from the lumber operations in California. This, together withinterest charges incident to the California purchase and notes payablelargely caused the decrease in the earnings for the year.
Purchase.-On May 6 1908 you were advised (V. IS. p. 1283) that theboard of directors had decided to acquire the interest of Bryant & May,Ltd.in the California properties at cost, with interest at 5% per annum,as follows: -This will amount to about $2,250,000 as of Dec. 31 1907: ofthis sum $500,000 to be evidenced by notes payable four years hence, andto provide for the payment of which the preferred non-Voting stock ofBryant & May, Ltd.owned by us, worth about 3100.000. and yieldingabout 5M% per annuin at present market prices, too be set aside and sold,and the proceeds applied toward the rediotion or payment of the notes inquestion; the remainder of the purchase price, viz.: 31,760.000, to be paidin semi-annual installments, the last payment to be made on Jan. 15 1923:interest at 5% to be computed and paid seini-annually."The purchase was consummated during the year for a consideration of
I $2,156,156; in addition to which there was assumed the payment of money.,
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746 THE CHRONICLE [VoL. LXXXVIII
then owing on account of the Sierra purchase. Of the purchase price,£100,000, or approximately $500,000, was evidenced by notes. payable infour years, the remainder being payable in semi-annual installmentsextending over a period of 15 years. During the year there was realizedfrom the sale of a portion of the aforesaid block of Bryant & May preferredstock the sum of $133,292, which has been applied toward the reductionof this indebtedness. The entire amount unpaid as of Dec. 31 1908 andowing to Bryant & May, Ltd., was $1,949,964.Coupon Notes.-DurIng the year there were issued on favorable terms
$2,000,000 of 5% coupon notes, $500,000 of which mature on July 1 1909and $500,000 on the first of each July thereafter. (V. 86, p. 1470.)
Balance ,Sheet.-As a result of the purchase of the interest of Bryant FeMay, Ltd., in California and of additions to the Barberton and Oshkoshplants, the assets and liabilities are greater than they were a year ago, thenet increase in assets, consisting of plant, pine lands, inventory, accountsreceivable and cash, being approximately $3,000,000, and the net Increasein liabilities, represented by notes and accounts payable, being approximately$2,725,000.
INCOME ACCOUNT.1908. 1907. 1906. 1905.
Net profits after deducting re-serve for doubtful accts., &c2,279,911 2,610,830 2,307,623 1,772,280
Depreciation, repairs and re-placements 385.187 314,760 313,854 272,280
Balance of profits 1,894,724 2,296,076 1,993,770 1,500,000Reconstruction charged off_ _ _ 59,848Appropriated for gen. reserve_ 20,000Dividends (10%) 1,600,000 1,600,000 1,550,000 1,500,000
Total surplus 677,940 *2,083,932 1,331,917 1,000,000
• From the total surplus. $2,083,932, as of Dec.311907, there was writtenoff: reduction in value of pine lands and stumpage, $703,497; reduction inpatents, rights, trade-marks, &c., $917,371; surplus, balance, Dec. 311907,$463,064.
BALANCE SHEET DECEMBER 31.1908. 1907. 1906. 1905.
Assets- $ $ $ $Plants and other investments 8,063,187 6,419,3131 7,858,8691Pine lands and stumpage__ 1,997,876 x1,268,858 j 12,330,570Patents, trade-marks, &c___ 5.000,000 5,000,000 5.917.370jSierra purchase 708,409Purchase Bryant & May, less
preciation, baddebts and unfin-ished contracts- 397,102 326,381
Total 20,470,577 22,063,408
* After adding Increment from appralsement of factory plant above book valua-tion, $223,450, and deducting depreciation of Electric Vehicle Co. securities, $1.940,000, and sundry adjustments not incident to the current year, aggregating$57,586.-V. 86, p. 1592.
Cambria Steel Co., Philadelphia.(Report for Fiscal Year ending Dec. 31 1908.)
The report, signed by E. B. Morris, Chairman ExecutiveCommittee, and Powell Stackhouse, President, under dateof Philadelphia, Pa., March 10 1909, says in substance:
General.-Shipments of steel show a decrease 43.3% in quantity and42.3% in gross value of all products, compared with the preceding year.There was little recovery from the depression in business that existed atthe close of 1907. The falling off was most pronounced in all products usedby the railroads, as shown by the comparative percentages of your outputwith 1907 t. c., rails 28%, cars 21%, locomotive and car axles 38%, whilesteel that was in more general use-bar and agricultural steels, the demandwas 64%, structural shapes 54% and plates 46%.
Output.-The output of steel from the Bessemer Department was but33% of the preceding year. The total product of metal from all eight blastfurnaces was 51% of that in 1907, the previous 11183111111M, The finished
product of the Gautier plant was 64% of 1907. The output of this plantconstitutes an important branch of the business and was less affected bythe depression than the other finishing departments. At the Franklinplant the Otto Hoffman ovens produced 97%, the open-hearth plants 73%.the structural shop 54% and the car shop 21% of their maximum productsin 1907.Mineral Properties.-The coal, iron ore and limestone properties owned.
or controlled produced satisfactory results. The Penn Iron Mining Co.shipped from the Menominee Range, Mich., 176,400 tons of iron ore foruse at your works. The Republic Iron Co.. of which you own 90% ofthe capital stock, shipped from the Marquette District, Mich., of iron ore'67,439 tons; add amount on Lake Erie docks Jan. 1 1908, 29,565, tons;total, 97,004 tons. Deduct shipped to customers, 23,686 tons, and shippedto your works, 48,247 tons, leaving on docks Dec. 31 1908, 23,071 tons, orwhich 6,317 tons are sold.The Mahoning Ore & Steel Co., Mesabi District, Minn., of which you
control 50% of the capital stock, produced 611,593 tons of iron ore, ofwhich 201,211 tons, generally low-grade ore, were sold for account of thatcompany; the proportion of the remainder paid for by your company was.207,893 tons, of which 82,755 tons were sold at a profit and 125,138 tons. werereserved for use at your works.New Mill Proposed.-An 18-inch continuous mill on the site of old No. 2
mill, to be operated in connection with the 48-inch blooming mill, wasauthorized in December and should be productive in the early part of nextyear unless unduly delayed by business conditions. This necessitated the.removal of the 13-inch mill from its present congested location to theGautier plant, where, by moderate additions, its output can be materiallyincreased.
Improvements.-There was expended for improvements $560,548; of thisamount $482,080 was charged to plant additions and the remainder.78,468, was repaid by amount realized from sales in 1908 of real estate andminerals, under terms of your lease from Cambria Iron Co.There was expended in addition $352,225 for replacements and altera-
tions, and charged to operating accounts.Manufacturers' Water Co.-Work on the Quemahoning Dam and pipe
line will be commenced as promptly as possible and when this improvementis completed the pure water supply should be ample for present maximumoutput, with a large reserve for future expansion. The cost of this isestimated at $2,500,000.
Net earnings from operation_ $824,159 53,888,109 $4,897,704 $4,100,183Rents, investments, &c •1.067,691 1.004,755 510,971 343,628
Total net income $1,891,850 $4,982,954 $5,408,675 $4,443,811Fixed charges under CambriaIron Co. lease interest onterm notes, &c 398,093 420,687 444,672 443,476.
Total deductions $1,450,000 $4,550,000 $4,900,000 $3,900,000Surplus $43,756 $12,267 $64,003 $100,336
* Of the $1,067,691 other income in 1908, $705,716 was duo to profitsfrom ore mining and lake transportation companies and $104,020 to profit.on surplus ore sold.
ation fund 105,000Betterment & im-provement fund 9,400,000
Accounts payable,including div _ 1,903,800
Profit & loss acct. 2,403,707
1907.$
45,000,000
3,150,000
300,000
0,400,000
2,0485332,356,218
Total 62,062,507 62,254,752 Total ...._62,062,507 62,254,752
*Property, works, coal, ore lands, &e., subject to payment of $338,720 annualrental under Cambria Iron Co lease for 999 years, being 4% on $8,408,000 CambriaIron Co.'s stock.-V. 86, p. 1041.
American Brass Company ,Waterbury, Oonn.(Report for Fiscal Year Ending Dec. 311908.)RESULTS OF AMERICAN BRASS CO. (PARENT CO.)
Total 1,189,363 3,555,0861 Total deductions-1,184,383 3,512,733Curr. expend., &c.... 171,883 212,733 Balance, surplus__ 4,980 42,353
*Current expenditures, &c., include interest on loans, &c., in 1908, and in 1007interest on subscription to new capital, machinery in course of construction to becharged out when completed, etc.
Note.-For the first half of 1907 the actual capital was only $10,000,000.although $2,500,000 had been authorized and the stockholders had sub-scribed for same. Therefore, for the first two quarters of 1907 the cornpany paid 1 U% on $10,000,000 and for the last two quarters 1 )i % on$15,000,000. The company also paid to the stockholders interest on theirsubscriptions for the additional $2,500,000 at the rate of 5% per annum,making the total dividends for 1907 as shown above.
BALANCE SHEET JANUARY 1.
1908. I 1909.$ 1 Liabilities- $60,664 (Capital stock 15,000,000
2,533,7561Debentures 18,1731 Accrued interest_ _
171,4141Surplus 26,05712,500,0801
1908,
15,00D,0009271,000
9,83349,254
Total 15,026,057 15,284,0871 Total 15,020,057 15,284,087COMBINED RESULTS OF SUBSIDIARY COMPANIES.
1909. 1908. i 1909. 1908.$ $ 1 S $
Earnings for year, 1,037,518 1,303,249 Total income 11,670,220 14,187,788Prern.on add.stock I Deduct-
Co1.13rass.M fg.Co 2,060.0801Dividends 928,699 3,555,086Previous surplus_ _10,632,702 10,824,459 I
Total 11,670,220 14,187,7881 Balance, surplus10,741,521 10,632,702-
Note.-The earnings for 1905 and 1906 were $1,336,976 and $2,205,798 re-spectively, contrasting with $1,303,249 and $1,037,518 respectively in 1907 and1908.COMBINED BALANCE SHEET SUBSIDIARY COMPANIES JANUARY 1
Real estate, mach. Capital stock 5,550,000 5,550,000• and tools* 9,036,981 8,953,148 Loans from parentCash 1,002,239 857,422 company 2,333,756 2,533,750Accts. receivable-- 2,959,338 3,326,422 Current accounts&Bills receivable-- 380,352 485,913 bills payable 1.067,631 945,633Stock of other cos_ 3,130,201 2,303,876 Reserve for con-Patents 1,000 1,000 tingencies 989,425 848,157Material & supplies 4,172,222 4,582,467 Surplus 1 10,741,521 10,632,702
---Total 20,682,333 20,510,248 Total 20,682,333 20,510,248
* After deducting $400.000 for depreciation yearly.-V. 84. p. 1054 WA
1909.Assets-
Cash 4.980Due from sub. cos_ 2,333,756Accounts recelv_ 19,079Birm. Brass Co.inv 168,162Stock subsid. cos _12,500,080
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MAR. 20 1909.] THE CHRONICLE 747Quaker Oats Co., Chicago.
(Report for Fiscal Year Ending Dec. 31 1908.)President H. P. Crowell, Chicago, Feb. 25 1909, says in
substance:General Results.-The almost insurmountable problems occasioned bythe extremely poor oats crop of the year 1907 did not decrease as the monthspassed, but on the contrary they increased-not only in the United Statesbut also in Canada. By scouring the country we obtained enough soundoats to take care of our export Quaker Oats business, but the high pricesforced us to abandon the making of all kinds of export oatmeal that wereIn any sense competitve. This means that our Peterborough Mill wasshut down much of the year and the handsome earnings from this branchof our business have been greatly reduced. We confidently expect to re-gain this business now that the grain condition in Canada has become nor-mal and the oats that we are at present milling are of excellent quality.In addition to all of the regular repairs, we have written off $154,610 fordepreciation of buildings and machinery. Our earnings for the year are$1,125,748. Deducting the depreciation and the $869,410 paid in divi-dends, we have left $101,728 to carry to profit and loss surplus. Not-
withstanding these difficulties our Quaker Oats business is larger than ever,and shows a handsome increase. We are laying a broad and strong founda-tion for the balance of our Quaker Family group, and have already madesales that are as large as we have any right to expect.Plants.-As very few of our shareholders have ever visited or seen theimmense mills of the company, we are enclosing with our report cuts ofthem that you may have an idea of their appearance and size. The build-ings are of brick on stone foundations, with the interior finished in what isknown as mill construction. The Cedar Rapids, Peterborough and BattleCreek plants are practically new. The Akron Cereal Mill, while older,is modern in equipment and in the best of condition; the flour mill andsome of the secondary buildings will presently need to be rebuilt.
INCOME ACCOUNT.1908. 1907. 1906. 1905.
Profits for year $1,125,748 $1,365,166 $1,283,389 $1,119,572Int. Am. Cereal bonds (paidoff June 1 1906)
Dividend on preferred, 0%__$511,979 $511,9741Dividend on common (8 %)_ _
President ' . C. du Pont writes in substance:General Results.-The calendar year 1908 (the 107th in the history ofthis enterprise) has brought a contraction in the general business of thecountry, though for several reasons the net result to the company has beenan increase In profits. This result Is very largely due to perfect organiza-tion, rigid economy, resulting in the closing of factories unable to manu-facture at least cost, a favorable market for raw materials and perfectedarrangements for purchasing such materials, particularly abroad.We have placed in operation several new improvements, thereby justi-fying the expenditures of our experimental departments.Government Plants.-Our business with the United States Governmenthas been fairly satisfactory, though much reduced in volume. The Govern-ment now maintains two smokeless powder factories, both of which haveIncreased their production during the two years past, resulting in the per-manent closing of one of our three factories. Fortunately Governmentorders form a comparatively small proportion of our total business.Insurance.-Our system of self-Insurance has continued to work satis-factorily, so that the accumulation of the various funds has increased toover $1,200,000, an amount which Is now at our disposal against commer-cial losses, accidents and unforeseen depreciation of property.Litigation.-Some progress has been made in the development of the suitof the United States Government against the company on account ofalleged violations of the Sherman Anti-Trust law. The Government sideof the case has been nearly all presented. It speaks for itself. We awaitthe final outcome with confidence.Balance Sheet.-As a result of the contraction In business which beganin November 1907, materials and finished product have been turned intocash and collections made on accounts receivable, so that the cash balanceson hand have increased to $3,683,423 during the 12 months.With $671,957 from working capital, the year's surplus of $1,437,885and $1,540,880 received during the year on account of sale of a portion ofthe $2,500,000 common stock which was offered in November 1907, wehave a total of $3,650,722, which has been used principally toward liqui-dating our current liabilities; the latter have been reduced during the yearto the extent of $4,464,944.Our accumulated surplus as shown on balance sheet (see V. 88, p. 501),viz. $11,823,740, represents the amount of our earnings reinvested in thebusiness since Aug. 1 1903. The dividends disbursed during the sameperiod, viz., $11,439,634, equal slightly less than one-half of the netearnings after paying interest on the funded debt.New Factories -During 1908 the directors curtailed the building of newfactories. We believe, however, that the time has come for further ex-tensions, all of which can be readily financed from the surplus funds onhand at present. It is not expected that an offering of securities will benut(19 during the current ycar:
Stockholders.-The stockholders now number 955, of whom 250, oir26%, are employees of the company.
LVCOME ACCOUNT YEARS ENDED DEC. 31-E. I. du PONT de NEMOURS-POWDER CO. WITH SUBSIDIARY COMPANIES.1908. 1907, 1906. 1905. 1904$ $ $ s $
CONSOLIDATED NET EARNINGS OF ALL SUBSIDIARY CORPORATIONS..1903. 1902. 1901. 1900. 1899. 1898.$4,454,723 83,652,718 $3,458,854 $3,038,303 $2,788,670 $2,308,153The consolidated comparative balance sheets were given In V. 88, p. 501.-V. 88, D. 689. 50
United States Reduction & Refining Co., Colorado Springs.(Report for 17 Months ending Dec. 31 1908.)
The report. signed by the executive committee, consistingof J. D. Hawkins, Chairman; Chas. M. MacNeill and SpencerPenrose, says in substance:Owing to the change In the fiscal year, now ending Dec. 31, the financialstatement appended represents a period of 17 months from Aug. 1 1907.The new drainage tunnel, which will greatly increase the availabletonnage of the Cripple Creek district, has been driven nearly 5,000 feet.By the end of 1909 it is expected that the tunnel will be driven over 9,000feet, when the results of the drainage will probably be appreciably felt.The tonnage of ore produced in Cripple Creek during the past yearwas somewhat greater than during the preceding year, and the tonnagehandled by your company was about the same as during the preceding year.but the treatment charges obtained were much lower, owing to the compe-tition of another ore-treatment mill referred to in the last annual report.The financial condition of your company is such that we can go on with.this rate war Indefinitely, meeting our fixed charges, but without promiseof dividends while it continues. We are confident, however, that such con-dition will not continue for any extended period.The plant for the treatment of tailings has continued to be very profita-ble, and the net income therefrom already has been more than double theoriginal cost of the plant.The net income amounted to $372,877. One quarterly dividend.amounting to $59,187, was paid on the preferred stock. The sinking fundnow contains 809 out of a total of 2,650 bonds outstanding, also $26,076.cash. It will be remembered that the sinking fund bonds are not canceled,but held by the trustee, and continue to draw interest, which is applied:to the purchase of additional bonds for the fund. These purchases amounted.
to over 100 bonds this past year.
INCOME ACCOUNT.17 Mos. End. -Years Ending July 31 Dec. 31 '08. '1906-07. 1905-06. 1904-05.
Inc. from plants in op'n_ $360,592 $432,404 $611,055 $533,242Inc. from outside inv'ts_ 42,110 32,000 32,000 57,000Premiums from bonds
purchased for sink. fd. 15,126 5,040 15,668Interest on bonds pur-chased for sink. fund_ 67,470 37,290 25,140 13,890
Sundry interest received 39,406 21,049 33,138 22,625
TOtal income for year_ $529,704 $527,778 $701,333 $692,925Deduct-
General exp., salaries,advertising, taxes, &c. $111,610 $89,129 $90,728 $153,185
Cost maint. Idle plants__ 28,566 30,570 942 1,418Improve'ts during period 11,651 13,549 19,990 13,706Preferred dividends_ __ _ (134)59,187 (6)236,748 (6)236,748Interest on bonds 225,250 159,000 167,750 180,000Premium on bonds pur-
chased for sink. fund_ 8,471
Total deductions $436,264 $528,996 $524,629 $348,309Balance, surp. or deficit.sur.$88,440 def.$1,217 sur.$176,704 sur.$299,116A statement made to the N. Y. Stock Exchange Dec. 9
1908 said:The company now owns in fee the following properties:Name of Plant. Locations. Acres. Mlitly. Cap'y. No. Bids.
The company owns all the stock of com-panies owning In fee the following:Nat. Ore Sampl'g Cripple Creek. Col. 1.00 ' 6.000 tons 2 'Cep. Cr'k S. & O.Co. (for samp'g) " __-_ 18,000 tons 4'rho National Plant and the Metallic Plant have been destroyed by firesince the date of the original application, but neither of these plants wasever operated by this company. The company owns all the stock of theUnited States Smelting Co.. amounting to 500,000 shares of the par valueof $1 each and $325,000 par value in bonds out of an authorized issue of$600,000. The entire issue is outstanding. The Smelting company isengaged In the production of a zinc lead pigment, with a capacity for treat-
ing approximately 3,000 tons of crude ore per month.-V. 88. p. 455.
cost 389,500 392,500 Common stockCash, accounts re- outstanding- 5,918,800 5,918,800
ceivable and ad- First mtge. bonds_ 2,650,000 2,650,000-vances on ore, &c 516,795 585,233 Accounts payabie_ 20,612 20,100.Baruch Bros ..... 9,904 Unpaid interest &
Trust Co., N. Y. _ 26,076 224 dividends 16,941 11,708.Kessler & Co., N.Y 8.271 11,858 Accrued interest_ 13,250.Supplies, &c 180,920 203,954 Income account,Bonds In sink. fund 809,000 666,000 surplus 1,705,506 1,618,992'
Jan. 1 '09. Aug. 1 '07.$
Total 14,257,659 14,178,650 Total 14,257,659 14,178,650
a "Cost of property represents the par value of securities originally exchangedfor property.
GENERAL INVESTMENT NEWS.RAILROADS, INCLUDING ELECTRIC ROADS.
Anderson (S. C.) Traction Co.-Stock.-A block of$150,000 preferred stock is being offered with a view to end-ing the recbivership and building a 9-mile extension.-V. 86,p. 1158, 601.
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Atchison Topeka & Santa Fe Ry.-Proposed Bond IssueDeferred.-On Tuesday the directors, it is understood, prac-tically decided to issue $25,000,000 additional convertiblebonds and arrangements it is said had actually been madefor selling them to bankers, subject to the prior right of theshareholders to subscribe therefor. On Wednesday, however,the matter was deferred. Walker D. Hines, Acting Chair-man of the Executive Committee, issued this explanation:Some time ago the company began the consideration of a plan to issue
additional convertible bonds with the view of raising new capital whilemarket conditions were favorable, although the company had no immediateneed for the money. After the details of the plan had been decided upon,it was learned that the Legislature of Kansas, under the laws of which thecompany is incorporated, had passed a stock and bond Act regulatingfuture capital issues. While this Act has not yet taken effect and wouldnot have applied to the contemplated issue if made at once, yet afterdeliberation It was decided that it was not advisable to make the issue uponthe eve of the Act taking effect, but that it was preferable to postpone theentire matter and at some convenient time make application to the KansasBoard of Railroad Commissioners for the certificate contemplated by thenew Act.-V. 88, D. 51.
Binghamton (N. Y.) Ry.-Bonds Offered.-John T. Steele,Fidelity Building, Buffalo, is offering at 101 and interest,yielding about 4.93%, a block of first consolidated mortgage5% gold bonds dated 1901; authorized amount, $2,500,000,of which $803,000 have been issued, $999,000 are held toretire underlying bonds at or before maturity, and the re-mainder for future acquisitions, extensions, &c., undercareful restrictions.Extracts from Letter of President G. T. Rogers, Binghamton, N. Y..
March 1 1909.This company owns and operates 46 miles of street railways, serving a
population of approximately 65,000, under valuable franchises, practicallyexclusive and perpetual. The first consols are on legal authority first lienupon 9 miles of second track on the principal thoroughfares in Binghamton;a portion of the new modern combination car barn and general office build-ing; the Binghamton Industrial EXposition grounds, comprising 55 acresof city property, together with various buildings thereon; the $50,000 sub-station and real estate valued at $10,000 In Endicott; the 10-mile high po-tential transmission line; a greater portion of the main station equipmentand on all new cars and real estate acquired since consolidation in 1901:also by a lien on all other properties subject to the underlying bonds.
Approximately $200,000 has been expended since December 1901 formaintenance and charged to income and $500,000 for improvements, re-construction, extensions, real estate and additional equipment charged tocapital account. The construction Is of 94-lb. steel girder rails in pavedstreets and 60-lb. "T" rails. 60-ft. lengths, In unpaved streets. The ex-penditures from earnings will serve to decrease the operating expenses insucceeding years and therefore increase the surplus available for dividends,which are now being paid at the rate of 2 % per annum on upwards of$970,000 capital stock. The company has no floating debt and continuesIts policy of paying approximately 50% of Its surplus earnings in dividendsand the balance for maintenance and betterments.Earnings for years ended June 3() 1908 and 1907 and 8 Months ending
WWI February 1909 and 1908.Period. Gross. Oper. Exp. Net. Int., Taxes. Bal.,sur.
Boston & Lowell RR.-Bonds Offered.-Adams & Co.,New York & Boston, and James A. Hutchinson, Boston,offered this week, at 102 and interest, yielding 3.85%, $350,-000 4% bonds (not mortgage), dated April 1 1909 and dueApril 11929. This issue will retire a like amount of bondsmaturing April 1 1909. Compare V. 88, p. 99, 157.Boston & Northern Street Ry.-Bonds Offered.-Perry,
Coffin & Burr, Boston, offered this week at 91 and interest$500,000 refunding first mortgage 4% bonds, due 1954.Compare Massachusetts Electric Companies in V. 88, p. 375,231.-V. 86, p. 1223.Brockton & Plymouth Street Ry.-Preferred Stock Offered.
-Stone & Webster are offering at a price to yield about5 the total authorized issue of $110,000 6% cumulativepreferred stock. Dividend dates, March 15 and Sept. 15.-V. 77, p. 2158.
Buffalo & Lackawanna Traction Co.-Securities-NewRoad.-The Public Service Commission, Second District,has approved the ma ing of a mortgage to the New YorkTrust Co. as trustee to secure an issue of $1,500,000 of 5%bonds, of which the present issue will be $1,000,000. Thecompany is required to retire $900,000 stock and must thensell $45,000 stock, thereby making $100,000 outstanding.The road is controlled by the Mayer-Sheehan interests and itwill afford a double-track entrance into Buffalo for the alliedBuffalo & Lake Erie Traction Co. (V. 88, p. 293.)The proposed line will be a double-track trolley road, about 434 miles
in length, extending from a connection with the tracks of the Buffalo &Lake Erie Traction Co. near the Lackawanna Steel Co.'s plant at theBuffalo city line, thence extending along the Hamburg Turnpike, LouisianaSt. and certain other streets to Lafayette Square, the business centre ofBuffalo. Some of the work of construction has been done and the roadwill probably be completed by the close of this year. The construcitonwill be more than usually expensive and will take a very considerable timeby reason of the various bridges and viaducts needed to cross variouscanals and steam railroads. Bonds will bear date Dec. 1 1908, and willbe due in twenty years, with the right to the company to call any or all onor before Dec. 1 1911 at 105 and interest, and thereafter on or beforeDec. 1 1913 at 110 and interest. Denomination $1,000. Interest J. & D.at office of trustee. President, Jos. B. Mayer; Vice-Presidents, AshleyT. Cole and J. C. Calisch; Secretary, J. A. Byrne; Treasurer, P. C. Schut-rum.-V. 88, p. 293.
Chicago City Railways.-Report.-The results for the 13months ending Jan. 31 were:Passenger receipts $8,979,735Beets. from oth. sources 216,047
Total receipts $9,195,782Oper. exp., taxes, renew-
als and int. on cap. inv_ 8,169,494
Net earnings $1.026,288City's proportion. 55% 564,458
• Co.'s proportion, 45%__ $461,829Interest on capital $1,732,446
Income from operation_ _ _32,194,276Other income (contractors'
profit, brokerage, &c.).. 655,206
Total income $2,849,482Interest on bonds 849,739
Net income $1,999,743Dividends for 12 mos.. 9% 1,620.000
Surplus for 13 months.. _ $379,743
• Income from operation_$2.194.276The total receipts as above. $9,195 782, compare with $7,562,693 for the
11 months ending Dec. 31 1907 and the net earnings, $1,026,288, with$1.152.421,-=‘,. 811. p. 293, 330.
Chicago Great Western Ry.-Tentatire Plan.-The fol-lowing . compilation is based on the particulars that havebeen published, it is asserted, from official sources, regardingthe terms of the reorganization plan as at present contem-plated (subject to revision):
Proposed Authorized Issues.
First mortgage 50-year 4%, authorized issue 360,000,000Reserved to retire Mason City & Ft. Dodge 4s...312,000,003Reserved to retire Wis. Minn. & Pac. Div. 4s_ _ 5,811,001Immediate issue to be sold to provide, for pity-ment of claims, improvements, etc 15,000,000
Reserved for future purposes, possibly 27,189,003New preferred stock issue limited to N ot stated
Issuable to retire present debenture stock at 110_ 30,940,003For assessments on preferred B and common stock 10,135,000
New common stock, limited to 1\ ot statedIssuable in exchange for present stock (commonand A and B preferred) on payment of assessments 44,252,008
Proposed Terms of Exchange.
Holder of each $100 of-Debenture stock ($28,127,000) Preferred A ($11,336,900) Preferred B ($23,104,000) Common stock ($44,465,000) ,
To PayAssess-meal.None.None.$1515
And Deceive NewStock.
New Pf. New Corn$110
ii.21);iii 60•15 40
• For assessment.-V. 88, p. 158.
Chicago Milwaukee & St. Paul Ry.-Joint Lines withHarriman Interests.-The company, in order to avoid dupli-cation of lines, has sold to a subsidiary of the Union Pacifica half interest in its line from Black River Junction to whereit crosses the Pallyup River, 3 miles from Tacoma, a distanceof 26 miles, and has undertaken to build jointly with theUnion Pacific a line about 100 miles long from a point nearTacoma to Gray's Harbor on the Pacific.
Pacific Coast Extension.-In accordance with the plan forusing electrical power over the division between St. Regis,Mont., and St. Joe, Idaho, the Chicago Milwaukee & PugetSound Ry. Co. bids have been received for the construc-tion of two hydro-electric power plants to supply 30,000h. p., one at St. Joe, Idaho, and the other at a point about40 miles below Missoula, Mont. The company has exer-cised its option on the Priest Rapids RR., projected to runsoutherly to Hanford, Wash., 66 miles, and will combineit with the branch line of the Chicago Milwaukee & PugetSound, already under construction from the Columbia Rivercrossing at Beverly, Wash.-V. 88, p. 293, 230.Chihuahua & Pacific RR.-Change in Control.-See Mexico
North Western Ry. below.-V. 84, p. 693.Colorado & Southern Ry.-New Officer.-E. T. Nichols,
Third Vice-President of the Great Northern Ry., has beenelected Secretary and Treasurer to succeed Steuart MacKie,who resigned.-V. 88, p. 623, 563.Great Northern Ry.-Reduction of Bond Premiums.-The
premiums now offered on exchanges of underlying bonds ofthe St. Paul Minneapolis & Manitoba Ry. Co. for consoli-dated mortgage 4s of the Great Northern will be reduced onApril 1 -on each $1,000 bond from $5 to $4 on the secondmortgage bonds and from $15 to $14 on the Dakota exten-sion bonds. Compare V. 87, p. 1533; V. 86, p. 295, 624.Hudson Companies.-To Erect Building for Lease to Gimbel
Bros.-It was announced this week that negotiations havebeen closed for the erection upon property owned at the pres-ent terminal of the Hudson & Manhattan RR., on the westside of Broadway between 32d and 33d streets, of a buildingestimated to cost about $4,500,000, to be occupied undera 21-year lease, with four renewals, as a department storeby Gimbel Bros. of Philadelphia and Milwaukee. The rentto be paid is 5% on the ground valuation (understood to be$6,700,000) and 6% on the cost of the building. Whethera separate realty company will be incorporated to hold titleto the property leased has not been determined.The building, which will be of brick, finished with limestone and granite
trimmings, will have a frontage of 197.5 feet on Greeley Square, and willrun 400 feet east on 32d and 33d Streets, its total floor area to be 27% acres.It will be 10 stories in height and have 41 passenger elevators, arranged Infour separate groups, while merchandise will be carried to the upper floorsin 6 separate freight elevators.The store has been designed by Mr. Graham of D. H. Burnham & Co..
who planned the Wanamaker stores in Philadelphia and New York, theMarshall Field store in Chicago and the H. G. Selfridge store, which wasopened within a week in London. There will be an entrance in thebasement to the 33d Street station of the Hudson & Manhattan RR.,access to a platform being obtained from 2 floors. However, none of thetunnel tracks will actually run under the store. Immediately behind thestore will be the New York Terminal of the Pennsylvania 1114. and theSixth Avenue Elevated of the Manhattan Hy. will pass In front.-V. 88.p. 505.
International Traction Co. (Buffalo, N. Y .).-Report.-For year ending Dec. 31:Calendar Gross Exp.,Taxes Net Fixed Balance,Year- Earnings. & Deprec. Earnings. Charges. Surplus.
Operating expenses In 1908 include $20,815 for new construction.V. 88,p. 231.
Marshall & East Texas RR.-New Stock-Extension.-Theshareholders will vote May 15 on increasing the capital stockfrom $75,000 to not exceeding $250,000, and authorizingthe extension of the road south through the counties ofHarrison, Panola, Shelby, Sabine and Nevytoit to the cityof Newton, 125 miles.-V. 87, p. 677, 544.
Metropolitan Street Ry., New York.-Foreclosure Decree.-Judge Lacombe in the United States Circuit Court on Thurs-day signed the decree of foreclosure under the $12,500,000general collateral trust mortgage of which the Guaranty
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Trust Co. of New York is trustee. The amount due forprincipal and interest under the mortgage is $13,589,271.The sale is to take place as an entirety on June 1 at theCounty Court House, this city. The leases of the Belt Line(Central Park, North & East River RR.), Twenty-eighth &Twenty-ninth Street and Fulton Ferry lines will not be in-cluded.
Lease of Street Railway Division of Harlem Road.—See NewYork & Harlem RR. below. •Through Line Ordered.—The Public Service Commission
on March 11 ordered the receivers of the Metropolitan StreetRy. and the receiver of the Second Avenue Ry. to re-establisha through line for a single fare on the 86th Street crosstownline from Central Park West to the Astoria ferry at the footof East 92d Street.When a separate receiver was appointed for the Second Avenue RR.
the through service was discontinued and passengers over the entire routewere required to change cars at Second Ave. and to pay a second fare.The Second Avenue Co. controls the crosstown line east from Second Ave.and up Avenue A to the ferry. It was shown at the hearing that thefranchise relations affecting the line in question are extremely complicated,but the order was based on the fact that contracts exist between the cityand the companies and also between the companies themselves whichoblige them to provide a through service for a single fare in return for theprivilege of using the road across Central Park.
Decisions.--The Appellate Division of the Supreme Courton March 12 handed down decisions in four cases brought bythe city to recover from street railways of the systemmoneys expended in repairing pavements between the tracksand for two feet on each side thereof.• The city in 1902 began 35 similar suits, the aggregate amount involvedbeing, it is stated, about $1,500,000. The decisions just handed downsustain the referee, Hamilton Odell, In two cases and reverse him in two.It is estimated that the principles laid down by the decisions when appliedto all the cases will result In the recovery by the city of about *750,000.—V. 88, D. 686. 564.
Mexico North Western Ry.—Bonds Offered.—The Mexi-can Transportation Co., incorporated in Canada Feb. 181909 with $1,000,000 capital stock in $100 shares, haschanged its name to the Mexico Transportation Co. and in-creased its authorized share capital to $40,000,000, of which$15,000,000 has been issued. An application has been madeto the Parliament of Canada to change the name to theMexico North Western Ry. and also to empower the com-pany to guarantee the bonds, debenture stock or evidencesof indebtedness of any corporation the majority of whosecapital stock is held or controlled by it.An issue of first mortgage 50-year gold bonds has been
authorized, at present limited to £5,000,000 5 per cents,of which £3,000,000 have been issued (subject to increaseas below mentioned). The Bank of Scotland in Londonfrom March 8 to 11 received subscriptions on behalf of thecontractors of this issue for £2,400,000 of the £3,000,000at 90%. Denomination £100. Interest M. & S. A circu-lar says in substance:piThe issue of 0,000,000 first mortgage bonds will be secured by a trustdeed in favor of the National Trust Co., Ltd.. of Toronto, as trustee.The issue may be increased for extensions of lines, construction of terminals,double tracking and other special purposes. The said bonds will be datedMarch 1 1909 and are redeemable at par on March 1 1959 by annual pay-ments commencing March 1 1919, to be applied In annual drawings at par,or by purchase of the bonds on the market or by tender if they are at orbelow that price, or the bonds may be redeemed at 105% at any time onsix months' notice, or on the company going into voluntary liquidation, oramalgamating with any other company.The company is acquiring control of the Chihuahua & Pacific RR.,
(through purchase both of the $2,860,000 stock and the $2,360,000 bonds.The road extends from Chihuahua to Minaca, 122 miles, and La Junta toTemosachic, 55 miles; total, 177 miles.—Ed.) and the Sierra Madre & Pa-cific RR. Co. (Temosachic to Madera, 32 miles). together operating 210miles of lines, and proposes in the immediate future to acquire further linesand construct extensions (for which concessions have been granted),amounting to about 402 miles, which it is expected will be in operation byJan. 1 1911, thus increasing the mileage of the railroads to 612 miles. Oneterminal of the railroads above referred to will be at El Paso, Tex. An-other terminal will be at Chihuahua. Large smelting works exist at bothSi Paso and Chihuahua, and a line of railroad is projected froM Chihuahuainto the coal fields of northeastern Mexico.The railroads which it is proposed to build immediately are all to he lo-
cated in the mining, timber and agricultural regions described above,but the financial plans ca the company contemplate, and later it is proposedbuilding, a line across the Sierra Madre Mountains to the Pacific Coast,where such extension will connect with the extensive system now beingbuilt by the Southern Pacific 12R. Co. west of such mountain range. Thissystem, in connection with the line to El Paso, will form one of the shortestlines between Chicago, Kansas City and St. Louis and the Pacific Coast,and afford the most direct route from all Mississippi Valley points to thewest coast of Mexico; It will also afford another outlet for lumber manufac-turers along the lines of the system.The company is acquiring timber lands of vast extent, covering an area
of over 2,700,000 acres, a great portion of which is covered with heavy• pine forests, which will cut into lumber of the highest grades. It is esti-mated that there is sufficient timber standing thereon from which to manu-facture at least 8,000,000,000 feet of lumber. Two large saw-mills arealready constructed and ready for operation at Madera, one of the terminitof the company's system, and it is proposed to construct another large millat El Paso, or other convenient point. The mills already built have acapacity of 100,000,000 feet per year. The plant at El Paso will have acapacity of 175,000,000 feet per year.
MThe mills at adera should be in full operation by July 1 of this year,and it Is estimated that the net revenue from operations from the rail-road and such mills, including sale of ties, for the half-year ending Dec. 311909 will be; Railroads, $121,000; mills, $280,000; total $401,000. Whenthe proposed railway extensions that are to be immediately undertakenand the mills at El Paso are completed, which is expected to be by the endof the year 1910, it is estimated that the net income for the year 1911 will be:Railroads, $900,000; mills, $1,200.000; total, $2,100,000.The proceeds of the bonds now, offered have and will be applied in the
acquisition, development and extensions of the properties before referredto, and for the other general purposes of the company.
Officers and Directors.F. S. Pearson, President (New York), President of Rio de Janeiro Tram-way, Light & Power Co., &c.
E. D. Kenna, Vice-President (Chicago, Ill.), formerly First Vice-Presidentof the Atchison Topeka & Santa Fe By. Co.
Enrique C. Creel, Vice-President, Governor of State of Chihuahua, Vice-President Chihuahua & Pacific RR. Co.
Walter Gow, Vice-President (Toronto), director of Rio de Janeiro Tram-way, Light & Power Co.
Sir Win. C. Van Horne, Chairman of Canadian Pacific By. Co.E. N. Brown (Mexico), President National Railways of Mexico.Julio Limantour (Mexico), director National Railways of Mexico.Guillermo Landa y Escandon (Mexico), Senator of Federal Congress of Mex.W. T. Eldridge (New York), of Strong, Sturgis & Co., New York.R. C. Brown (Mexico) and H. M. Hubbard (London), directors MexicoTramways Co.
E. R. Wood and Minor /Aufir of Toronto, and Hiram C. Smith.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Option toSubscribe.—Shareholders of record April 12 are entitled tosubscribe at par on the company's warrants until 3 p. m.,April 30, at either the First National Bank, Minneapolis,or the Bank of Montreal, in New York, Montreal or London,for $2,016,000 new preferred and $4,032,000 new commonstock, to the extent of 6 shares of new for each 25 shares ofold held.
All subscriptions must be made for both kinds of stocks, in ratio of oneshare of preferred and 2 shares of common. Subscriptions are payable atthe aforesaid institutions, 20% on subscription; 20% on June 4; 20% onJuly 15; 20% on Aug. 31, and 20% on Oct. 15 1909. The new certificateswill be delivered at the company's office, 31 Pine St., New York, on or soonafter Oct. 15 1909. No interest or dividends will be allowed on advancepayment, but all shares fully paid will rank for dividends with existing stockfor the half-year ending Dec. 31 1909. The new stock certificates will notbe issued until after the closing of the books for the October 1909 d vidend.—V. 88 D. 686. 564.
Missouri Pacific Ry.—New Directors, &c.--Kingdon Gould,second son of George J. Gould, and R. M. Gallaway werelast week elected directors, succeeding Stuyvesant Fishand S. Davis Warfield. Mr. Gould and H. B. Henson haveibneccl s:ouweemembers of the executive committee, which now
George J. Gould, Kingdon Gould, Frank J. Gould, H. B. Henson, Edw nGould, B. T. Jeffery and Fred. T. Gates.—V. 88, p. 506, 452.
New York & Harlem RR.—April Semi-Annual Dividendof 2% on Account of Street Railway Rental Not Declared .—Thesemi-annual dividend of 2% usually paid on April 1 from therental due from the Metropolitan Street Ry. Co. under itslease of the street railway division has not been declared.This does not affect the semi-annual distribution of 5%paid in January and July out of rental received from theNew York Central for the use of the steam division.
Vice-President E. V. W. Rossiter, in •a circular datedMarch 18, says in brief:On June 11 1896 the city or street railroad was leased to the Metropolitan
Street By. Co. for a period of 999 years, at a rental for the first five yearsof $350,000 per annum, and thereafter of $400,000 per annum, which latteramount is equivalent to 4% on the $10,000,000 capital stock. This rentis payable quarterly, in March, June, September and December, and ithas been the custom of the New York & Harlem RR. Co. to declare a 2%dividend semi-annually, payable in April and October. out of this rental,applying to the payment of the April dividend the quarterly rental receivedin the previous December and the quarterly rental received in March.On April 1 1902 the Metropolitan Street Ry. Co. sub-let to the New YorkCity sty. Co. the property covered by the aforesaid lease, and on Sept. 241907 receivers of the property of that company were appointed.
At the present time your company's accumulated surplus, less certainoutstanding actual and contingent liabilities. amounts to only about $400.-000, which would be insufficient to meet certain unpaid franchise taxeswhich we will be required to pay in case the receivers of the city or streetrailroad make default in the payment of the lessee's obligations. During1901-1908, inclusive, there have been assessed against the New York & Har-lem RR. Co.'s city railroad special franchise taxes amounting, with interest,to upwards of $800,000. The Metropolitan Street By. Co., under the termsof its lease, is required to pay these taxes. Though so obligated, the Metro-politan company has undertaken first to test their legality, which accountsfor the accumulation of unpaid taxes; that there Is good reason for contestingthese taxes is shown by the fact that in the case of other street railroad com-panies decisions have been rendered for substantial reductions from theamounts of the original assessments. Investigation fails to disclose thatthe receivers have reserved a fund from which such arrears of taxes can bepaid, nor does it appear that, if ultimately they should be upheld, therewill be surplus earnings sufficient for their payment.Under these conditions and upon advice of counsel, your directors are
of the opinion that, for the present at least, it would be imprudent to de-clare dividends payable out of rental due or to become clue under thelease to the Metropolitan Street Ry. Co., and that, until some readjustmentis made, such rental should be reserved as a protection against the arrearsof taxes above mentioned or other obligations.[According to press reports, the receivers of the Metropolitan Street By.
Co. are considering plans which may result in a relinquishment of the afore-said lease.—Ed.]--V. 84. D• 159.New York New Haven & Hartford RR.—Notes Sold.—
Kidder, Peabody & Co. and F. S. Moseley & Co., New Yorkand Boston, offered this week at 1003( and interest, andhave entirely sold, an issue of $5,000,000 one-year 4% notesdated March 1909 and due March 1910. Denominations$1,000 to $100,000, coupon form. Interest payable semi-annually.Payment of Bonds.—The $1,117,000 New Haven & North-
ampton Co. 6% bonds due April 1 1909 will be paid at ma-turity in cash at New Haven.
Nearly All Paid For.—The subscriptions for the $39,029,-600 6% convertible bonds, the last installment on which,25%, is not due until July 15 (V. 85, p. 1339), have, it isannounced, been paid in full, with the exception of sumsaggregating about $1,000,000.—V. 88, p. 625, 506.Pittsburgh Wheeling & Lake Erie Coal Co.—Protective
Committee.—The interest due Jan. 1 1909 on the $634,000first 4s being in default, the following provisional committeehas been organized: E. E. Carpenter, 141 Broadway,Chairman, Franklin Leonard Jr. and J. T. McCadden. Apermanent committee will be chosen next week. EmpireTrust Co., depositary. There are also $200,000 prior lien5s outstanding.—V. 88, p. 104.,Rapid Transit in New York City.—Another Proposition.—
The Public Service Commission on March 18 received aproposition from the Bradley, Gaffney, Steers Co., HenrySteers, President, No. 1 Madison Ave., proposing to buildwithout expense to the city the Broadway-Lexington Ave.subway.—V. 88, p. 687.Reading (Pa.) Traction Co.—Listed.—The Philadelphia
Stock Exchange has listed $55,000 additional first mortgage6% bonds, dated July 1 1893, making the total amountlisted to date $500,000.
St. Louis Iron Mountain & Southern Ry.—New Director .—Kingdon Gould of New York has been elected to the boardto succeed S. D. Warfield and R. F. Edwards of St. Louisas successor to J. C. Van Blarcom, deeeased.'—V. 88, p. 565.Santa Fe Raton & Eastern RR.—Separate Committee
Meeting.—See Yankee Fuel C9. under "Industrials" below.—V. 88, p. 625.
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Southern Indiana Ry.-Foreclosure of Alleged Coal Proper-.ties.-See Indiana Southern Coal Co. under "Industrials"below.-V. 88, p. 565, 507.
Tallulah Falls Ry.-Issue Approved.-The Georgia Rail-road Commission has authorized this company, until recentlyin receivers' hands,- to make an issue of $1,454,000 bonds.A. B. Andrews, Vice-President of the Southern Railway, isPresident. Compare V. 88, p. 687.Tarrytown White Plains & Mamaroneck Ry., New York.-
Receiver's Certificates.-The $100;000 5% one-year receiver'scertificates issued to provide additional equipment havebeen sold, subject to confirmation by the Court. They have-a lien ahead of the $300,000 first mortgage bonds.-V. 88,p. 687, 626.Texas & Pacific Ry.-Report.-See "Annual Reports" on
-a preceding page.New Directors .-Alvin W. Krech, President of the Equita-
ble Trust Co., and Kingdon Gould have been elected directorsto fill vacancies.-V. 88, p. 507.
Texas Traction Co.-See Denison & Sherman Electric Ry..above.-V. 87, p. 98.
Twin City Rapid Transit Co.-New Officers.-Vice-Presi-dent C. G. Goodrich has been elected President to succeed:the late Thomas Lowry; General Manager Willard J. heldhas been elected Vice-President, and J. M. Mitchell, of St.Paul, has been made a director.-V. 88, p. 687, 507.• Virginia Passenger Rates.-New Rate Ordered.-The Vir-ginia State Corporation Commission on March 16, by alvoteof 2 to 1, after considering the petitions of the Chesapeake &Ohio, Norfolk & Western, Southern, Atlantic Coast Line-and Seaboard Air Line for an increase in the passenger rate,previously fixed by the Commission at 2 cents per mile, madean order permitting a 2M-cent maximum rate to be put into'effect on traffic in the State on and after April 1 next.
Under the decision of the United States Supreme Court on Nov. 30 last,the companies named, should they desire to oppose the order, which isnot considered likely, would have to carry the litigation through thevarious State courts before seeking redress in the United States SupremeCourt. i:4The Louisville & Nashville, New York Philadelphia & Norfolk,-Chesapeake Western and Richmond Fred. & Potomac, two of whichhave legal proceedings pending to restrain the enforcement of the law, will,It is said, continue to charge the old 2-cent rate pending decision by the•courts. Compare V. 88, p. 296: V. 87. P. 1480. 1453.
Wabash-Pittsburgh Terminal HR.-Receivers' Certificates.-Judge James S. Young, in the United States Circuit Court.at Pittsburgh, on March 11, it is said, authorized ReceiversMcMasters and Skelding to issue $500,000 of receivers' cer-tificates to purchase 500 steel-hopper coal cars of 100,000lbs. capacity each. The Pittsburgh "Dispatch" of March 12on the authority of the receivers said:
The company has the assurance of coal operators of the shipment ofmore than 500,000 tons of coal over the line this year. Heretofore thecompany has made its coal shipments in cars leased from other roads.Such cars, it is alleged, have been ordered returned, leaving the companywithout its equipment.-V. 88, p. 887, OM
Wheeling & Lake Erie RR.-Proposal to Issue Receiver'sCertificates.-Receiver B. A. Worthington on March 11applied to Judge Taylor in the United States Circuit Courtat Cleveland for. permission to sell $1,429,976 receivers'certificates to provide for the rehabilitation of the property,*including the building of several new stations, grade reduc-tions, ballasting, dock improvements, replacement of woodenbridges by steel structures, &c. If authority be grantedfor the issue, the receiver says he wishes to sell $750,000 atonce and hold the remainder until July 1. The applicationmade on March 1 to issue $373,000 receiver's certificates(V. 88, p. 626) has presumably been granted, since the Marchcoupons on the first consols have been paid.
Wisconsin Central Ry.-Majority of Preferred StockDeposited.-It is reported that a majority of the preferredstock has been deposited with the committee.-V. 88, p.687, 606.
INDUSTRIAL, GAS AND MISCELLANEOUS.Alabama Consolidated Coal & Iron Co.-New Mortgage.-
The company has filed its new mortgage with the WindsorTrust Co. of New York, trustee, to secure an issue of $5,000,-000 50-year "refunding and improvement" bonds; $3,500,000of these, it is said, are 6s .and the balance 5s. CompareV. 86, p. 604, 722, 796, 1045.-V. 88, p. 566.American Brake Shoe & Foundry Co., New York.-Divi-
dend Increased.-A quarterly dividend of 134% has beendeclared on the $2,140,000 common stock, payable March 31,along with the usual quarterly distribution of 1:Y1% on the.$3,000,000 pref. stock. This increases the regular annualrate from 4%, maintained on the common shares sinceOct. 1904, to 5%. On Dec. 31 1907 1% extra was paid.-V. 83, p. 494.American Caramel Co.-Report.-The sales for the calen-
dar year 1908 were $735,360, against $1,006,738 in 1907,and the net profits $127,698, against $213,876. The profitand loss surplus Dec. 31 1908 after the payment of 8% div-idends on the preferred stock ($80,000) and 73/2% on thecommon ($75,000) was $307,383, against $369,900.-V. 88,p. 376.American Piano 00.-New President.-C. H. W. Foster,
President of Chickering & Sons (included in the consolida-tion), has been elected President to succeed Ernest J. KnabeJr.-V. 88, p. 102.
American Telephone & Telegraph 0o.-Earnings.-Forthe first two months:Two Months ending Feb. 28- 1909. 1908. 1907.
Income from dividends $3,713,107 $3,403,567 $3,029,891Interest and other revenue from as-
(B. F.) Avery & Sons Co., Louisville, Ky.-New Securities.-The shareholders will vote March 31 on authorizing anissue of stock or bonds, the proceeds of which will be used inbuilding a large plow plant on a tract of 35 acres of land whichhas been acquired in the southern section of Louisville.-V. 76, p. 1250.Oar Lighting & Power Co.-Reorganized Concern.-This
company was incorporated under the laws of Maine onDec. 28 1908 with $8,000,000 of authorized capital stock,all of one class, in shares of $25 each, as successor of theConsolidated Railway, Lighting & Refrigerating Co., bid inby the reorganization committee at receiver's sale, per planin V. 87, p. 1239, 1360, 1666; V. 88, p. 55.
Central Fireworks Co., New York.-Dividends Resumed.-Dividends on the preferred stock ($1,267,200), which, hav-ing been paid in full to September 1907, were then sus-pended, have been resumed with a semi-annual distributionon March 1 1909 of 3M%.-V. 86, p. 605.. Central Foundry Co.-Report.-For 18 months endingDec. 31:
Period Net Maine. & Int. paid Balance.Covered- Income. replace'ts. Lt. accr'd. Sur. or Def.
The net earnings over charges of the Central Iron & Coal Co. and theCentral Radiator Co. whose stocks are owned, were $115,541 for the 18months, comparing With $227,160 for the year ending June 30 1907.-V. 87, p. 482.
• Consolidation Coal Co., Maryland.-60% Dividend inStock.-The shareholders of this company, a majority ofwhose $10,250,000 capital stock was formerly owned by theBaltimore & Ohio RR., voted on March 18 to increase theauthorized issue of stock to $20,000,000. Of the new shares$6,150,000 will be issued to stockholders of record April 24as a stock dividend of 60%. The $3,600,000 new stockwill be held in the treasury, available from time to time asrequired for the acquisition of additional coal lands, and "toprovide capital for the transportation, delivery and market-ing of coal in the company's coastwise trade." In additionto cash dividends at the rate of 6% per annum paid for sev-eral years past, extra cash dividends of 2% each were paidin the first quarter of 1907, 1908 and 1909.An officer of the company is quoted as saying:For many years the company has distributed only a part of its surplus
earnings in dividends. It has invested the balance in lands and o herproperty. A portion went to the profit and loss account, due to the ac-cumulations of such surplus earnings. These enhancements, as shown bythe books of the company, amounted on Dec. 31 1908 to $6,400,700. Illsthis which ills now proposed to give the stockholders the benefit of.
Report.-The results for the year ending Dec. 31 were:Other Charges, Divs., Balance,
86, p. 1341. •Consolidated Gas & Light Co., Tiffin, &c., Ohio.-1? e
ceivership.-At Toledo on Dec. 10 1908, upon application bythe National Equipment & Supply Co. of Montpelier, Ind.,Judge Knappen in the United States Circuit Court appointedJames W. Harbaugh of Toledo receiver of the property.The plaintiff in June last obtained a judgment for $5,534against the company.The bill of complaint alleges that the Seneca County plant is closed;
and, as It Is the most important of the defendant's holdings when in opera-tion, the company is unable to pay its judgment. The Security Trust &Savings Bank of Toledo is trustee of the Seneca County plant by virtueof a mortgage to secure $125,000 bonds, and also of the Delphos plant bya mortgage securing $50,000 bonds. Recent coupons are in default andforeclosure proceedings are supposed to be contemplated.-V. 76, p. 1032.
Consolidated Railway Lighting & Refrigerating 0o.-Re-organized Company .-See Car Lighting & Power Co. above.-V. 88, p. 55.
Crucible Steel Co.-Dividends Resumed.-The directorson Tuesday declared a quarterly dividend of 1% on the$24,436,500 7% cumulative preferred stock, !payable Mch. 31to holders of record Mch. 30, being the first distribution sincethe 1% paid in Dec. 1907.
Dividend Record of Preferred Stock.1900. 1901. 1902. 1903. 1904. 1905. 1906. 1907. 1908.1 7 7 5 0 Dec.,! 6gOverdue to March 1909, 25%.
5 Si
Semi-Annual Statement.-Extracts from the statementmade by Chairman Dupity on March 16 and the results forthe half-year ending Dec. 31 1908 (which we compare withthose for the last half of 1907) follow:
Notwithstanding the heavy shrinkage in our inventory values, the resultof the past three months shows a net wont of $555,823, or at the rate of
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8% per annum on the preferred stock, an increase of $144,611 over thevrevious three months. The profits of the past six months have been4947,695, which, on account of the loss during the corresponding threemonths, now shows an increase of $1,199,854.The condition of the company's plants has been In all cases fully main-
stained, $301,279 having been spent during the past six months in re-newals, repairs and improvements. The economic working of all branches'of the company's service has resulted in the surplus on Feb. 28 being.$2,640,590, an increase of nearly $1,000,000 in six months. This Is almostto the maximum surplus recorded in the company's history, plainly show-flng that it has now practically reached Its former strong financial condition.
Earnings for the Six Months ending Feb. 28..Six Net over Other Res. for Adjus.of Pref. Div. Balance,Mon'hs- Int.,&c. Income. Contin, Inv. Val. (1%). Sur. of Def.1908-09 $967,036 $2,400 $19,341 $244,365 sur.$703,3301907-08 177,569 5,836 $426,292 244,365 def. 70,232
Net Earnings by Months ("P." profit; " L." loss.)Period- Sept. Oct. Nov. Dec. Jan. Feb.
1908-09__P. 00,967 P.156,878 P.163,388 P.194,388 P.171,546 P.189,8891907-08__P.139,536 P.174,203 L. 13,865 L. 56,729 L. 23,070 L. 42,325The 1% dividend above in 1908-09, which is that declared payable
March 31 1909, is not shown as deducted from the earnings of the recent 6months' period in the statement as issued by the company, the surplusprofits for the 6 months being therefore given therein as $947,695. Thetotal accumulated surplus Feb. 28 1909 was $2,640,590. There wascharged against the operations of the half-year in 1908-09 for repairs andrenewals, $301,279, against $265,246 in 1907-08.-V. 88, p. 378, 297.
Daly-West Mining Co.-First Dividend since 1907.-Thecompany has declared a quarterly dividend of 30 cents ashare, payable April 10 to shareholders of record March 31,being the first dividend since Dec. 1907. See V. 85, p. 1521.Indiana Southern Coal 0o,-Foreclosure.-See Southern
Indiana Coal Co.-V. 87, p. 548.Denver Gas & Electric Co.-Report.-For year ending
Feb. 28:Year- Gross. Net. Interest. Dividends. Bat. ,Sur.
Electric Storage Battery Co.-Report.-For calendar year:Year. Gross. Net. Other Inc Dividends. Bal., sur.1908 $845,705 $530,525 $106,054 (3(%)$528,092 $108,4871907 1,075,227 688,206 133,069 (5%)812,450 8,8251906 1,331,800 930,707 128,666 (5%)812.451 246,923-v. 86, P. 1592'Fairmont Coal Co .-Report.-This company, controlled
by the Consolidation Coal Co. of Maryland, reports:Cal. Gross Net Other Charges Dividends Balance.Year. Earnings. Earnings. Income. to Inc. Prey. Year. Surplus.1908 „$3,401,815 $711,316 $510,398 $652.000 (2%)$240,000 $329,7141907 __ 4,860,327 1,444,028 579,273 836,511 (2%) 240,000 946,7901906 __ 4,510,588 1,335,258 448,524 710,353 (4 A) 540,000 533,429-V. 87, p. 289.
General Motors Co. New York.-Further Particulars-Maxwell-Briscoe Co. Not in Company's Control.-Referencewas made in our last issue to the declaration of the firstdividend of 3 on the preferred stock and to the under-standing that the company had taken over control not onlyof the Buick, the Olds and some smaller companies, but alsoof the Maxwell-Briscoe Co. This statement was basedboth on knowledge of a plan that was in contemplation lastsummer and on reports in the trade that the three companiesnamed are now held in the same interest. However, wehave since learned on unquestionable authority that theplan of last summer was abandoned and that the GeneralMotors Co. does not own stock in the Maxwell-BriscoeCo. Members of a well-known Wall Street banking househave long been more or less closely identified with themanagement of the last-named company, but, we areassured, have no interest in the General Motors Co.A circular issued not long ago by W. D. Johnson & Co.,
Hanover Bank Building, New York, offering the 7% cumu-lative preferred stock, says:
Capital stock authorized; preferred, $7,000,000; common, $5,500,000.Capital stock outstanding Jan. 1 1909, $7,522,474 (of which it is under-stood a little less than $5,000,000 was preferred and about $2,500,000common-Ed.); assets (exclusive of patents), $8,025,532; indebtedness.nothing. The company is a holding company, interested in five operatingcompanies. These companies are engaged in the manufacture of auto-mobiles and automobile parts. The policy of the company is dictated bypractical and successful men, familiar with automobile construction. Thecompany is represented in almost every city and town throughout theUnited States.The production of the operating companies for 1909 will be 22,000 auto-
mobiles, and the sales for-the year will approximate $25,000,000. Withproposed extensions to present plants, and new plants to be constructed,the producing capacity in 1910 will be in excess of 40,000 automobilesAmong others, the company controls the largest automobile plant in theUnited States, said plant now producing 15,000 automobiles per annum.The earnings of,the General Motors Co. are sufficient to pay the dividends
upon the preferred stock several times over.Directors (and officers)-President. William M. Eaton; Vice-Presidents,
William C. Durant and Fred L. Smith; Secretary and Treasurer, Curtis II.Hatheway; Henry Russell, William J. Mead and Henry Henderson. Execu-tive committee, Messrs. Durant, Smith and Hatheway. Registrar of stock,Trust Co. of America; transfer agent, Corporation Trust Co.
Gimbel Bros., Philadelphia.-To Have New York Store.-See Hudson Companies under "Railroads" above.-V. 84,p. 934.Helena Power Transmission Co.-Completely Merged.-See
United Missouri River Power Co. below.-V. 86, p. 1103.
Helena (Mont.) Water-Works Co.-Injunction-Appeal-Conditional Bond Offering.-See "Helena" in "State andCity" Department on a subsequent page.-V. 87, p. 1240.
Lawyers Mortgage Co.-Dividend Increased.-The com-pany has declared a quarterly dividend of 3% on the $2,500,-000 of capital stock, payable April 1 to stockholders of rec-ord March 25. This puts the stock on a 12% basis, as against10% for the past two years. See report in V. 88, p. 156.
Maxwell-Briscoe Motor Co., "Maxwell" Automobiles.-
Not Interested in Any Consolidation Scheme.-President andGeneral Manager Benjamin Briscoe
' referring to current
rumors regarding the General Motors Co. (see that companyabove), writes: "We desire to state most emphatically thatthe Maxwell-Briscoe Motor Co. is not, neither are any of itsstockholders or connections, interested in any way in anyconsolidation scheme whatever." .
CalendarYear-1908 1907 1906 -V. 88, p. 382.
Southern Indiana Coal 0o.-Foreclosure Decree.-TheFederal Court at Indianapolis on March 13 entered decreesof foreclosure against the Indiana Southern Coal Co. and theSouthern Indiana Coal Co., both closely allied with theSouthern Indiana Railway Co., under mortgages upon whichthere is due for principal $1,500,000 and $1,842,000, respec-tively, with interest due and unpaid from Oct. 1 1907 andJuly 1 1907 respectively. Compare V. 87, p. 550.
Southern Iron & Steel Co.-Incorporated Under Plan.-This company was incorporated at Trenton, N. J., on March16 with $17,000,000 of authorized capital stock, consistingof $10,000,000 common stock and $7,000,000 6% non-cumulative pref. stock (in $100 shares), as successor of theSouthern Steel Co. (which see below), per plan in V. 86, p.1288; V. 87, p. 484, 551; V. 88, p. 568, 455, 105. The plancalls for the making of a "first and refunding mortgage"to secure not exceeding $10,000,000 20-year bonds. TheCorporation Trust Co. represents the company on New Jersey.
Southern Steel Co.-Sale Advertised for April 12.-Anadvertisement on another page announces that this com-pany's extensive property, including manufacturing plants,iron mines, coal mines, &c., will be sold at auction by thetrustees in bankruptcy at Birmingham, Ala., on April 12.Full particulars as to the properties and the terms of salemay be obtained from W.: H. Hassinger, Chairman oftrustees, Bronx-Marx Bldg., Birmingham.
Successor Company.-See Southern Iron & Steel Co. above.-V. 88, p. 568, 455.
Springfield (0.) Light, Heat & Power Co.-First Divi-dend.-An initial dividend, 1%, on the $1,000,000 of capitalstock is announced, payable April 10 on stock of record ofMarch 30.-V. 88, p. 509, 629.
Standard Oast Iron Pipe & Foundry Co., Bristol, Pa.-Bonds Offered.-Cramp, Mitchell & Shober, Philadelphia,are offering at 95 and interest a block of first mortgage gold5% coupon sinking fund bonds dated July 1 1908 and dueJuly 11928, but subject to call at 1023'j and interest, begin-ning July 11913, either for the sinking fund ($25,000 yearly,beginning in 1913) or otherwise. Interest Jan. 1 and July 1.Girard Trust Co. of Philadelphia, trustee. Denominations$500 and $1,000 (c*). Tax-free in Pennsylvania and NewJersey. A circular says in brief:
First mortgage gold 5% coupCoanPit ai".sinking fundbonds,dated July 1 1908 $1,000,000
Reserved for improvements, betterments and exten-sions, and to be issued only for 75% of cost to Co_ 500,000
[The Maxwell-Briscoe Motor Co. is capitalized at $750,000 commonstock and $750,000 7% cumulative pref. stock In shares of $100 each,practically all outstanding. The pref. dividends have been paid regularlyin May and November; the remaining profits have chiefly, it is said, goneinto the business. No bonded debt; only a small purchase money mort-gage. Owns plants at Tarrytown, N. Y.; Pawtucket, R. I., and NewCastle, Ind., and has recently leased plant of old Rand Drill Co. at Tarry-town. Expected output for year 1909, 9,000 or 10,000 automobiles.
Officers and directors-Benjamin Briscoe, Pres. and Gen. Mgr.. J. DMaxwell, Vice-Pros. and Gen. Supt.; F. D. Dorman, Secretary; RichardIrvin, Treasurer; Walter B. Horn and E. J. Corbett.
Michigan State Telephone Co.-Report.-For cal. year:Cal. Gross Net Spec.exp. Interest Pr. div. Com.div. Bal.Year. earnings. earn'gs. &bond disc. paid. (6%) (2%) surp.1908_53,413,280 $911,429 $29,229 $417,595 $136,958 $69,170 $258,4771907__ 3,092,226 775.784 28,476 414,776 136,645 69,170 126.717The dividends on the common stock deducted from the earnings of 1907
are the 2% paid June 1 1908. Compare V. 86, p. 984.-V. 88, p.629, 380.
Missouri Power Co.-Completely Merged.-See UnitedMissouri River Power Co. below.-V. 86, p. 112.National Fire-Proofing Co.-Earnings for Calendar Year.-
Calendar Net Preferred ReplacementYear-Earnings. Reserve. Dividend. Balance.
1908 $41,089 (1 %) $79 ,005 $100,000 def.$137,916
-19\0'7. 87, p. 42. 502,233 (4%)316,020 100.000 sur. 86,213
National Light, Heat & Power Co.-Report.-For yearending Dec. 31, including constituent companiesCalendarYear-
Osceola Consolidated Mining Co.-Calumet & MetaInterests in Control.-At the annual election on March 11 thefollowing were elected to represent the Calumet & Heclainterests, now in control:New Directors.-Francis L Higglnson, Francis W. Hunnewell, Thomas
L. Livermore, George A. Flagg, Rodolphe L. Agassiz, Quincy A. Shawand Jampq MacNaughton.New Officers.-R. L. Agassiz. President of the Calumet & Hecla, Presi-
dent, in place of Albert S. Bigelow; Quincy A. Shaw. Vice-President;William J. Ladd (re-elected).-V. 88. IL 568.
Pacific (Bell) Telephone & Telegraph Co.-Bonds.-It iscurrently reported that J. P. Morgan & Co., the First Na-tional Bank and the National City Bank of New York willshortly offer for public subscription a block of about $16,000,-000 5% collateral trust 1:wricts, dated 1907 and clue 1937.---IT. 88, p. 689, 509.Somerset Coal Co.-Report.-This company, controlled
by the Consolidation Coal Co. of Maryland., reports:Gross Net Other Charges Balance.
Issued and outstanding $500,000Preferred stock, 7% cumulative, authorized, $1,000,000; paid in
cash at $100 per share 907,000Common stock) 1!090,000
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The mortgage is a first lien upon the franchises, real estate, plant andfixtures located at Bristol. Pa., and all other property now owned or here-s/ter acquired. The property consists of 80 acres of land on the DelawareRiver adjoining Bristol. Pa., with a river frontage of 2,900 feet, and facili-ties for both rail and water shipments; buildings of steel constructionbrick-encl sed, with concrete foundations and slate roofs. Equipmentcomplete in every detail. The plant is entirely new, harmoniously arrangedand of the most approved type. Inasmuch as the net profit on manufac-tured pipe is more than $4 per ton, and as the capacity of the plant is to be100,000 tons per annum, it is reasonable to assume that, after the companyis in full operation, its net profits will equal $400,000, without taking intoaccount the profits from special work, for which the plant has a capacityof 30 tons per day. The plant is now in operation and has orders sufficientto keep it fully employed for four months.Expended for real estate, buildings, machinery, equipment,
&c., up to 1998 $798,488Cash on hand 108,512Proceeds of bonds now Issued to be devoted to additional equip-ment and working capital... 500,000
Real estate, buildings, machinery and cash assets $1,407,000The equity over and above the issue of bonds is represented by the amountof preferred stock subscribed and paid for in cash, to wit: $907,000.Directors: Joseph S. Seen Jr., President; George M. Bunting, Vice-
President; E, E. Pennock, Robert Wetherill, W. Lane Verlenden, J. Ed-ward Durham, George Reynolds; Sec. and Treas., Charles C. Price. -V. 87. P. 291.
Union Typewriter Co.-Report.-See "Annual Reports."Proposition to fee-Incorporate under New York Laws.-At
the annual meeting on March 17 a resolution was introducedto incorporate the company, now a Jersey City corporation,under the laws of New York State. The proposed change,which will be considered by the management, will, it is said,reduce expenses about $70,000 a year.-V. 86, p. 726.United Missouri River Power Co.-Note Offering-Status-
Consolidation--Collatercz1 Bonds Now a Mortgage Lien.-J.. Sr,IV . Seligman & Co,, New York, and.Stone & Webster,Boston, New York and Chicago, recently offered an issue
$1,500,000 three-year 6% (mortgage) gold coupon netes(a direct mortgage, subject to $3,701,000 underlying bonds.-Ed.), dated Nov. 2 1908 and due Nov. 1 1911, but sub-ject to call at 105 and interest. Coupons payable May 1and Nov. 1. Central Trust Co. of New York, trustee.Extracts from Letter of Treasurer William B. Gower, New York, Feb. 5 1909.The United Missouri River Power Co. owns in fee the properties (having
absorbed the same by consolidation on or about Feb. 20 1909.-Ed.) for-merly belonging to the Missouri River Power Co. and the Helena I'owerTransmission Co., comprising two water powers on the Missouri River with acapacity of 18,000 constant and 14,000 intermittent horse power; also anauxiliary 6,000 h. p. steam plant in Butte and transmission lines to Butte,Helena and Anaconda. Dam No. 2, considerably damaged by high waterin the spring of 1908. Is now being rebuilt.Earnings (Dam No. 2, in partial operation in 1907-03, was damaged April 15
1908).11 MOS. to Years end. Jan. 31
At ii. p. per me. Dec. 31 '08. 1907-08. 1906-07. 1905-06. 1904-05.Dam 1. constant 6,500 5,600 4,500 4,500 5,000Dam 1, intermittent 2;700 1,600 2,300 1,300 1,100Dam 2, constant 1,700 6,500Butte steam plant 2,500 300 1,400
Total 13,400 14,000 8,200 5,800 6,100Gross earnings $585,118 $726,942 $409,604 $309,250 $296,235Net earnings ;250,933 $536,760 $199,919 $139,356 $206,066For the 11 months ending Dec. 31 1908 the earnings were derived almost
exclusively from Dam No. 1. the injury to Dam No. 2 having occurred earlyin the year (April 15 1908.-Ed.).
As the sinking funds of the mortgages are believed to be a sufficient pro-vision for depreciation of the plants, the net earnings above are arrived atwithout any further allowance for depreciation.
Company's Outstanding Securities.Missouri River Power Co. 6% bonds, a first mortgage on DamNo. 1, callable at 105 and Interest. Sinking fund, $25,000 perannum (V. 76, p. 708) $630,000
Helena Power Transmission Co. 6% bonds, a first mortgage onDam No. 2 and on the steam plant in Butte. Sinking fund,130,000 per annum, beginning in 1910. Bonds callable at105 and Interest (V. 81, P. 843) 900,000
United Missouri River Power Co. 6% 30-year sinking fund goldbonds dated March 11906, being (now) a direct (consolidated)mortgage on Dams Nos. 1 and 2. Sinking fund, $20,000 perannum, 1911 to 1916, inclusive, and $30,000 per annum 1917to 1936 inclusive. They may be called at 105 and accrued in-terest after March 11911. Authorized issue, ;3,300,000; $800,-000 are reserved for refunding at their maturity such of thebonds of the above two issues as shall not have been providedfor by their respective sinking funds; reserved for acquiring,at cost, the stocks and bonds of other corporations, or otherproperty, $329,000: outstanding (these bonds were originally
' a collateral trust issue. See V. 86, p. 112.-Ed.) 2,171,000United Missouri River Power Co. 3-year 6% notes, being a directmortgage on dams Nos. 1 and 2, subject to the above $3,701,-000 of iDonds 1,500.000
United Missouri River Power Co. capital stock ($250,000 7%pref. and 110.000,000 common) 10,250,000The gross earnings when dam No. 2 shall have been reconstructed are
estimated at $1,100,000 and the net earnings at $800,000 per annum (be-ing over 2A times the total fixed charges $312,060 , based on the earningsof those months of the year ending Jan. 31 1908 during which the companydelivered between 17,000 and 18,000 h. p. of the 24,000 h. p. capacity ofdams Nos. 1 and 2.In addition to the properties above described, the company owns $1,-
250,000 out of the $2.000,000 outstanding stock of the Capital City PowerCo. (V. 86, p. 111), which owns a third water power on the Missouri River,and has expended $350,000 in preliminary work on the dam and in procur-ing water rights on either side of the Missouri River for 28 M miles. Thisthird water power has a head of 117 feet and Is capable of a total develop-ment of 25,000 h. p. constant and 8,000 h. p. intermittent. Accordingto present plans, this development will be financed by the bonds of the Capi-tal City Power Co., and it is estimated that, upon completion of the thirddam the United Missuori River Power Co.'s share of these earnings willamount to from $400,000 to $450,000 per annum, which, together with theearnings of dams Nos. 1 and 2, should show earnings of over $1,000,000 onthe $10,000,000 capital stock of the United Missouri River Power Co.The mining and other industries in the region furnish a ready market for
all the power that this company is capable of developing, and, owing to thepoor quality of the coal available, electrical power generated by water showsgreat economies. President, S. T. Hauser, 49 Wall St., New York: Seealso V. 86, p. 112, 606.-V. 88, p. 690.
United States Finishing Co.-First Dividend on CommonStock.-The directors on Thursday, along with the declara-tion of the quarterly dividend of 134% (No. 39) on thepreferred stock, declared quarterly dividend No. 1 on thecommon stock, both payable April 1 to holders of recordMarch 20. There is now outstanding $3,000,000 preferredand $1,500,000 common stock on which the above dividendsare to be paid. Compare V. 87, p. 1092.
Earnings.-The net earnings for the 6 months endingDec. 31 1908 were $352,264, comparing with $185,715 forthe corresponding period in 1907.-V. 87, p. 1088, 1092.
United States Silver Corporation.-Dissolved.--See "note"in report of International Silver Co. in V. 88, p. 683.-V. 76, p. 107.Western Gas Co., New York.-New Stock.-The share-
holders on March 15 voted to increase the capital stock from$4,000,000 to $5,000,000.-V. 88, p. 629.New Director.-J. M. McCarthy has been elected a director
to succeed H. B. Wilson. Compare V. 88, p. 629.-"Yankee Fuel Co.-Separate Committee.-At a meeting ofbondholders of the Yankee Fuel Co. and the Raton & EasternRailway Co. held on March 15 at the office of T. LaflinKellogg, 115 Broadway, it was voted to form a separatecommittee Of five to represent their interests, in oppositionto the general committee announced two weeks ago. Mr.Kellogg has resigned from the general committee appointedon March 3 in respect to the E. D. Shepard & Co. corpora-tions. Compare Santa Fe Liberal & Englewood RR. in V.88, p. 625.
-Investors and institutions are invited to correspond withthe firm of Thomas Newhall, 32 South Broad St., Philadel-phia, about any electric railway security in which they areinterested at the present time. Mr. Newhall, well known asa specialist in electric railway bonds, is particularly in aposition to advise investors regarding the following electricrailways: Minneapolis Street Ry. and St. Paul City Ry.cons. 5s, 1928; St. Paul City Ry. Consolidated Cable 5s,1927; Rutland RailWay,,, Light & Power first 5s, 1946; YorkRys. first 5s, 1937; Galveston Electric Co. first 5s, 1940;Northern Texas Traction Co. first 5s; Seattle Electric Co.cons. and ref., 5s, 1929; and Minneapolis General ElectricCo. first 5s, 1934. .-David Pepper Jr. announces his removal to new offices,
1515-1517 Commonwealth Trust Building, 1201 ChestnutSt., Philadelphia, Pa., where he will carry on the businessof engineer and general contractor, making a specialty ofcomplete construction and equipment of electric and steamrailroads, water-power and lighting plants, as well as generalcontracts. Mr. Pepper is also prepared to make completeplans, surveys, estimates, reports and appraisals on publicutility properties and aSsume the management of them.His experience in this class of work dates from 1889.-Roger W. Babson, of Wellesley Hills, Mass., has pre-
pared a new edition of his book, "Bond Offerings Indexed,"showing what firms are prepared to either buy or sell eachof the 5,000 corporation bond issues which have been offeredduring the past twenty years, and at approximately whatprices; also showing on what Exchanges the bonds are listed.if they are listed. The book also contains a list of the bonddealers of the United States. The price is $5. It may beobtained by addressing: Put dishing Department of theOffice of Roger W. Babson, Wellesley Hills, Mass.
.-G. W. Walker fi-d,o. 15aThkers, 25 Broad Street5nn ou-ncethat they have opened an office in the Shawmut Bank Build-ing, 55 Congress Street, Boston, in charge of Virgil C. Gates,who has been their Boston representative for the past fouryears. Guy Warren Walker, of the firm, and formerly ofBoston, has been in the banking and investment businessfor over twenty years: from 1889 to 1894 in the office ofKidder, Peabody & Co., Boston, and since then on his ownaccount located for the past ten years in New York City.
-The stock and bond house of Wm. B. King & Co.,Houston, Tex., is distributing to investors a complete littlebooklet, giving the capital, bid and asked price, &c., of anumber of the leading Texas stocks and bonds, particularlythose of Houston, Galveston and Beaumont. Houston City,Harris County and Galveston County bonds are given indetail.-W. R.'Uloward & Co. Inc., 66 Broadway, this city, are
to-day advertising in this issue $40,000 Susquehanna MetalManufacturing Co. 6% first mortgage gold bonds at 92%and interest. ,,The bonds are in denominations of $100 each,due 1928, and interest is payable Nov. 1 annually.-Sutro Bros. & Co., bankers, members of New-York
Stock Exchange, 44 Pine Street, New York, are offering byadvertisement on another page Government of Porto Rico4% gold bonds maturing 1912 to 1929, inclusive, andlyielding334% net. "4-H. H. Hayes, for many years associated with the Cleve-
land bond house of W. J. Hayes & Sons, both as buyer andseller, has been employed by Wollenberger & Co. of Chicagoas salesm,an of their securities in Ohio territory.-Wm. E. Nichols & Co., 15 Wall St., have issued the
eleventh annual number of their pamphlet entitled "AnnualStatistics of New York and Brooklyn Banks and TrustCompanies." It .may be had _free on request. ; A
-Edward B. Smith & Co., bankers Broad and Chestnut
'streets Philadelphia, and 27 Pine
bankers,this city, will
furnish complimentary copies of the 1909 edition of "Pre-ferred Stocks" to all who request it.. ,t ,41-Schmidt & Gallatin, 111 Broadway, have prepared an
exhaustive study of the Chicago & North Western Ry.System. A free copy will be mailed on application. Writefor circular 70A.-The new investment bond firm of 11. M. Joyce & Co.
started business this week. Its offices are in the GillenderBuilding, 1 Nassau Street, this city.
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MAR. 20 1900.1 THE. CHRONICLE 753
AttliTirts and garnintnts„
UNITED STATES STEEL CORPORATION.
SEVENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DEC. 31 1908.
Office of United States Steel Corporation,51 Newark Street, Hoboken, New Jersey,
To the Stockholders: March 16 1909.
The Board of Directors submits herewith a combined report of the operations and affairs of the United States Steel
Corporation and Subsidiary Companies for the fiscal year which ended Dec. 311908, together with a statement of the con-
dition of the finances and property at the close of that year.
INCOME ACCOUNT FOR THE YEAR 1908.
The total earnings of all properties after deducting all ex-penses incident to operations, including those for ordinaryrepairs and maintenance (approximately $27,000,000),employees' bonus funds, and also interest on bonds andfixed charges of the subsidiary companies, amounted to__ $91,847,710 57
Less: Appropriations for the following purposes, viz.:
Sinking Funds on Bonds of SubsidiaryCompanies $1,588,070 45
Depreciation and Extinguishment Funds(regular provisions for the year) 3,844,214 21
Extraordinary Replacement Funds (regu-lar provisions for the year) 11,532,896 80
16,985,181 46
Net Earnings In the year 1908 $74,882.529 11
Deduct—Interest on U. S. Steel Corporation Bonds outstanding, viz.:
Fifty Year 5 per cent Gold Bonds $14,166,455 03
Ten-Sixty Year 5 per cent Gold Bonds 9,696,191 67
Sinking Funds on U. S. Steel CorporationBonds, viz.:
Installment on 50-Year 5per cent Gold Bonds ..$3,040,000 00
Installment on 10-60 Year5 per cent Gold Bonds_ 1,010,000 00
Add, for net adjustments In sundry accounts 94,034 59
Total $45,728,713 70
Dividends for the year 1908 on U. S. Steel Corporation Stocks,viz.:
Preferred, 7 per cent $25,219,677 00
Common, 2 per cent 10,166,050 00 35,385,727 00
Surplus Net Income for the year $10,342,986 70
UNDIVIDED SURPLUS OF U. S. STEEL CORPORATION AND
SUBSIDIARY COMPANIES.
(Since April 1 1901.)
Surplus or Working Capital provided in organization $25,000,000 00
6,1 Balance of Surplus accumulated by all companies fromApril 1 1901 to December 31 1907, exclusive of sub-sidiary companies' inter-company profits in Inventories,per Annual Report for year 1907 $69,736,490 77
Undivided Surplus of all companies forthe year 1908, as above 10,342,986 70
Total Undivided Surplus December 31 1908, exclusiveof subsidiary companies' inter-company profits in
inventories $105,079,477 47
Undivided Surplus of Subsidiary Companies, representing
Profits accrued on sales of materials to other subsidiarycompanies and on hand in the latter's inventories, viz.:
Balance on December 31 1907, per AnnualReport $27,908,752 85
Add, Adjustments during the year 1908affecting the balance existing Decem-ber 31 1007 317,313 91
Add, Increase during the year 1908
Balance December 31 1908
Total Undivided Surplus December 31 1908 $133,415,214 17
Special Replacement andImprovement Funds 3,500,000 00 3,500,000 00 Dec.
Net Earnings in the,Year 74,882,529 11 133,244,929 28 58,362,400 17 Dec
Deduct—Interest on U. S. Steel
Corporation Bondsoutstanding 23,862,646 70 22,860,352 82 1.002,293 88 Inc.
1908.
Sinking Funds on U. S.Steel CorporationBonds, viz.:
1907. Increase or Decrease.
Installments 4,050,000 00 4,050,000 00 Interest on Bonds in
Sinking Funds_ _ 1,335,203 30 1,087,497 18 247,706 12 Inc.
45.634,679 11 105,247,079 18 59,612,400 17 Dec.Less, Charged off for
various accounts andadjustments Cr.94,034 59 681,515 52 775,550 11 Dec.
Balance 45,728,713 70 104,565,563 76 58,836,850 06 Dec.Dividends on U. S. Steel
Corporation Stocks,viz.:
Preferred, 7 per cent_ _25,219,677 00 25,219,677 00 Common, 2 per cent_ _10,166,050 00 10,166,050 00
Surplus Net Income forthe Year 10,342,988 70 69,179,836 78 58,836,850 06 Dec
Appropriated from Sur-plus Net Income forthe following pur-poses, viz.:
On account of expendi-tures made and to bemade on authorizedappropriations for ad-ditional property, newplants and construc-tion, and for dis-charge of capital ob-ligations 35,500,000 00 35,500,000 00 Dec.
Specifically set aside forauthorized appropri-ations and expendi-tures account con-struction Gary, Indi-ana, Plant 18,500,000 00 18,500,000 00 Dec.
Balance of Surplus forthe Year 10,342,986 70 15,179,836 78 4,836,850 08 Dec.
MAINTENANCE, RENEWALS AND EXTRAORDINARY
REPLACEMENTS.
The expenditures made by all companies during the year1908 for maintenance and renewals, including the reliningof blast furnaces, and for extraordinary replacements, incomparison with expenditures for the same purposes dur-ing the preceding year, were as follows:
Total $38,058,559 71 $55,828,253 12 $17,769,693 41 '31.8
The decrease, as compared with preceding year, in theoutlays for ordinary or current maintenance and repairsis attributable entirely to the fact that the plants and prop-erties were operated to a much lesser extent than in 1907.Accordingly fewer repairs were necessary. Advantage wastaken, however, of the shutdown during the year of manyplants to make such repairs as it is neither practical noreconomical to prosecute while the mills are in operation.The expenditures for extraordinary replacements show a
considerably larger relative decrease as compared with 1907than do those for current maintenance and repairs. This isattributable in part to the fact that in the two previous yearsrehabilitation and modernizing of the properties was con-ducted on a very liberal scale and in part to the fact thatexpenditures of this character are not made from year toyear on relatively the same basis that the properties areoperated. At the close of the year the plants and properties,collectively speaking, were in first-class physical condition.The entire amount of the foregoing expenditures was
charged to current operating expenses and to replacementfunds reserved from earnings. A statement showing theprincipal items of replacement and betterment compre-hended in the total expenditures for extraordinary replace-ments is included in the statistical tables printed in thisreport. inThe following table shows the amount of the expenditures
made during the year for above purposes by the respectivegroups of operating properties:
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754 THE CIIRONICLE [VoL. Lxxxvm.
EXPENDITURES DURING YEAR OF 1908
Ordinary TotalMaintenance & Expenditures Increase (-I-) or
EXPENDED ON Repairs, In- Extraordinarll in Previous Decrease (-).eluding Blast Replacements _• Total. Year.FurnaceRelining.
The appropriations made during the year endi ng Dec. 311908 from earnings and through charges to current operating
expenses, for account of these funds, together with income-received by the funds from other sources, the expenditures,and payments made therefrom during the year, and the un-expended balances in the funds at Dec. 31 1908, are shown-in the subjoined table:
FUNDS.
CREDITS TO FUNDS.
BalancesDec. 31 1907.
Set Aside dur-ing 1908 fromIncome and .
by Charges toCurrent
Expenses.
Sinking Funds on U. S. Steel Corporation Bonds Sinking Funds on Bonds of Subsidiary Companies, _Depreciation and Extinguishment
Total Capital Depreciation Funds Extraordinary Replacement and Improvement
(6) Payments to Trustees of Bond Sinking Funds _____________________________________________________________ 51,856,080 60
Amount transferred to Extraordinary Replacement and Improvement Funds 240,899 48
(c) Amounts charged off for payments from these funds for:
Expenditures made in 1908 for additional property and construction $2,541,035 15
Expenditures made in previous years for additional ore property 200,000 00
Bonds, Mortgages and Purchase Obligations retired in 1908 1,070,229 35
Write off of depreciation account of sundry properties 44,453 11
$3,855,717 61Less, Recovery of depreciation written off December 31 1907 in book value of investments held for account
of these funds 508,241 25
(d) Expenditures and charges made during 1908, viz.:
Expenditures in 1908 for Extraordinary Replacements $10,729,603 92
Write off account valuation of property abandoned 36,624 88 10,766,228 80.
$2,096,980 00-
3,347,476 36.
The halal-ices to the credit of the several funds on Dec. 311908, per the preceding table, are included in the assets ofthe organization in the following accounts, viz.:
In Depreciation and Extinguishment Fund Assets, viz.:Sundry Securities at cost $6,793,413 81Cash 6,475,840 47
513,269,254 28Invested in Tennessee Coal, Iron & Railroad Co.'s stock_ __ 4,222,537 11In Sundry Marketable Securities, at market value 723,380 34
In Cash (Special Deposit) 757,500 00•In Current Assets-Cash, Loans, Receivables, Inventories,&c.23,573,641 94
542,546,313 67
TRUSTEES OF BOND SINKING FUNDS.
The Trustees' transactions for account of the Bond Sink-ing Funds of the United States Steel Corporation and Sub-sidiary Companies for the year, and the condition of the fundson Dec. 311908, are shown in the following table:
FUNDS.
CashResources
in Hands ofTrustees,
Dec. 31 1907.
InstallmentsReceived.
InterestAccretionsand OtherReceiptsin 1908.
Total.
U. S. steel Corporation Bonds Subsidiary Companies' Bonds
Note.-The installments received by the Trustees include a cash deposit of $46,860 00 not paid from funds provided from Income. The item-
of Interest Accretions and Other Receipts embraces $1,696,597 38 of interest accretions and $21,365 73 of proceeds from sale of property.
_
SPECIAL FUNDS FOR CAPITAL EXPENDITURES.
Special Construction Fund for Account Gary, Indiana, Plant.
The appropriations made from surplus net income In previousyears for account of this fund, as shown in annual reportfor 1907, amounted to the aggregate sum of $50,000,000 00
Advances have been made from this fund to cover expendi-tures for the acquirement of real estate and constructionwork at the Gary Plant, the building of the City of Gary,and terminal railroad work adjacent thereto, as follows:During the year ending December 31 1906__$4,632,202 11During the year ending December 31 1907__19,316,555 27During the year ending December 31 1908_18,848,472 19
42,797,229 57
Leaving a balance unexpended December 31 1908 of__ $7,202,770 43
A general classification of the total amount of expendituresmade to Jan. 1 1909 in connection with the above worktisas follows: V.
For the real estate, less credits for land. sold (a net of about9,000 acres) and for development and construction workin the City of Gary _________ $10,531,389 53
For construction of the manufacturing plant 27,439,263 40.For terminal railroad work adjacent to and in connection
with the manufacturing plant 4,826,576 64
542,797,229 57
For a full description of the development and constructionof the City of Gary and the Gary manufacturing plant,together with a statement of the progress made in the workto Jan. 1 1909, reference is made to respectively the annualreport for the year 1907, and to page 758 of this report.Of the unexpended balance of $7,202,770 43 remaining
at Dec. 31 1908 m the Gary Construction Fund, $2,537,507 23was invested in salable securities pending the actual require-ment of the money. This investment is separately shownin the General Balance Sheet. The balance of the fund is inthe cash assets of the organization.
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MAR. 20 1909.] THE CHRONICLE 755,
General Construction Fund for Authorized Appropriations.
The unexpended balance in this fund at close of the fiscal year1907 was $3,923,814 96
Of this amount there was expended during the year endingDecember 31 1908, in payment for additional property,new plants and construction 3,241,382 31
Leaving an unexpended balance on December 31 1908, avail-able for future capital expenditures heretofore authorized of $682,432 65
CAPITAL STOCK.
The amount of outstanding capital stock of the UnitedStates Steel Corporation on Dec. 31 1908 was the same asat the close of the preceding fiscal year, as follows:Common Stock $508,302,500 00Preferred Stock 360,281,100 00
BONDED, MORTGAGE AND DEBENTURE DEBT.The total bonded, mortgage and debenture debt of the
United States Steel Corporation and Subsidiary Compa-nies outstanding on January 1 1908 was $602,320,511 17
Issues and Additions during the year, viz.:In exchange for other bonds:Union Steel Co. First Mortgage and Collateral TrustBonds (issued in exchange for Sharon Steel andSharon Coke Co. Bonds retired)
Subsidiary Companies' bonds sold to trustees of sinkingfunds:
Duluth Missabe & Northern By. Co. General MortgageBonds $39,000 00
Connellsville & Monongahela Ry. Co. FirstMortgage Bonds 27,000 00
Penn. & Lake Erie Dock Co.-C. F. &Storage Co. Bonds 11,685 00
Sundry Real Estate Mortgages of variouscompanies 500,915 60
$2,228,600 60Bonds purchased by Trustees of Sinking
Funds, viz.:U. S. Steel Corporation 50-
Year 5% Bonds $3,531,000 00U. S. Steel Corporation 10-
(30 Year 5% Bonds 1,401,500 00Sundry Bonds of Subsidiary
Companies 2,202,876 287,135,376 28
$9,363,976 88Potter Ore Co. First Mortgage Bonds re-
tired by that company (T. C. I. & RR.Co.'s proportion) 5,000 00
$604,234,511
00
17
9,368,976 88
Bonded, Mortgage and Debenture Debt, December 311908 $594,865,534 29
Net Decrease during the year ending December 31 1908_ $7,454,976 88
From April 1 1901 to Dec. 31 1908 the amount of bondsand mortgages paid and retired by all companies was asfollows:Bonds and Mortgages paid and retired with moneys from
Depreciation Funds and Surplus Income $14,131.185 61Bonds purchased and retired with Bond Sinking Funds pro-
vided from net earnings 40,192,284 15
Total ________________________ 354,323,469 76During the same _________ -there -svere sold and assumed ____
sidiary companies bonds and mortgages to provide fundsfor new property and construction work (Including $6,-456,727 79 by Union Steel Company to provide funds forpart payment of cost of completing construction work atDonora and South Sharon, which was under way whencapital stock of that company was acquired by U. S. SteelCorporation) to the.sum of _____ $18,373,128 70
Bonds have also been issued -13-5T subsidiary companies for •funding unsecured indebtedness and for working capital... 985,795 00
There were also issued and sold during the period named(1901-1908) U. S. Steel Corporation 10-60 Year 5 percent bonds as follows:
For account construction and capital ex-penditures $20,000,000 00
For account purchase of stock of TennesseeCoal Iron & Railroad Co 30,000,000 00
$50,000,000 00Treasury Bonds Subject to Sale.
There were on hand at the close of the year in the Treasuryof the United States Steel Corporation, available for sale,various bonds of subsidiary companies of an aggregate parvalue of $4,789,000, a net decrease of $60,000 comparedwith the amount so available at close of preceding year-$192,000 of bonds having been issued and $252,000 havingbeen sold or canceled during the year. The foregoing bondswere issued by subsidiary companies to provide funds forconstruction and were purchased by the U. S. Steel Corpora-tion, but, being held in its Treasury as disposable assets,are not included in the schedule of outstanding bonds, no
- --- -in the assets of the organization as shown by the General Bal-ance Sheet. The bonds on hand in the Treasury Dec. 311908 were as follows:•Chicago Lake Shore ct Eastern By. Co. Federal EquipmentTrust Bonds $1,190,000
Chicago Lake Shore & Eastern By. Co. American EquipmentTrust Bonds 815,000
Connelisville & Monongahela By. Co. First Mortgage Bonds_ _ 929,000Monongahela Southern RR. Co.First Mortgage Bonds 1,200,000Bessemer & Lake Erie RR. Co. National Equipment Trust Bonds 280,000Youghgahela Water Co. First Mortgage Bonds 375.000,
$4,789,000There may alFo be issued at any time to cover capital expend-
itures made, bonds at par, as follows:Union Steel Co. First Mortgage and Collateral Trust Bonds__ 3,074,000.Duluth Missabe & Northern Ry. Co. General Mortgage Bonds 4,058,000.
Total of Capital Obligations authorized or created for capi-tal expenditures made, and held in the treasury subjectto sale, but not included in Assets as shown in the Gen-eral Balance Sheet $11,921,000
A detailed schedule of the various issues of bonds outstand-ing on Dec. 31 1908, also of bonds held by Trustees of Sink-ing Funds, the interest on which is currently paid into the.sinking funds, will be found on page 36 of the pamphletreport.PURCHASE MONEY OBLIGATIONS, BILLS PAYABLE AND
SPECIAL DEPOSITS OR LOANS.
During the year 1908 payments were made in the dischargeof unsecured liabilities of the above character as follows:Purchase Money Obligations $731,044 90Bills Payable 1,012,247 59Special deposits or Loans 133,650 27
$1.876,942 76Bills payable were issued during the year in part payment forthe acquirement of sundry securities purchased for invest-ment, to the amount of 800,000 00
Net decrease during the year in above named liabilities__ _$1,076,942 76.
Since April 1 1901 there has been paid off an aggregateamount of liabilities of the above character of $45,255,067 53.During the same period Purchase Obligations to the amountof $5,008,563 75 were issued in connection with the acquire-ment of additional fixed property and other investmentsand assets. Of the total amount paid off as aforesaid, thesum of $10,403,724 40 represents moneys originally borrowedby subsidiary companies, or received and used as workingcapital; the balance, $34,851,343 13, represents specificobligations originally incurred in the acquirement of prop-erty, or for moneys used for the purchase of property or the.discharge of capital liabilities.The outstanding liabilities of the above classes at Dec. 31
1908, in comparison with amounts outstanding at 'close ofthe preceding year, were as follows:
Total $4,292,001 06 $5,368,943 82 $1,076,942 76PRODUCTION.
The production of the several subsidiary properties forthe year 1908, in comparison with the results for the year1907, is shown in the subjoined table. In order to makethe comparison upon relatively the same basis, the pro-duction figures of the T. C., I. & RR. Co. for the entire year1907 have been included in the results shown below for thatyear:
Products. 1908. 1907.Iron Ore Mined- Tons. Tons.
In Lake Superior Ore Region:Marquette Range 830,087 1,170,49&Menominee Range 1,021,598 1,625,358Gogebie Range 1,078,025 1,425,457Vermilion Range 927,206 1,724,217Mesaba Range 11,272,397 16,458,273.
In Southern Ore Region:Tennessee Coal. Iron & RR. Co.'s Mines 1,533,402 1,576,757
Rolled and Other Finished Steel Products for Sale-Steel Rails 1,050,389 1,879,985Blooms, Billets, Slabs, Sheet and Tin Plate Bars_ 551,106 761,195Plates 312,470 894,384Heavy Structural Shapes 313,733 587,954Merchant Steel, Skelp, Hoops, Bands and Cotton
Ties 577,591 1,338,833Tubing and Pipe 654,428 1474,629Rods 93,406 126,095Wire and Products of Wire 1,275,785 1.481,226Sheets-Black, Galvanized and Tin Plate 770,321 1,070,752Finished Structural Work 403,832 719,887Angle and Splice Bars and Other Rail Joints 84,669 195,157Splices, Bolts, Nuts and Rivets 40,252 67,991Axles 24,057 189,006Sundry Steel and Iron Products 54,893 77,463
Total 6,206,932 10.564,537
Spelter Sulphate of Iron
Universal Portland Cement
28,057 31,45426.411 24,540Bbls. Bbls.
4,535,300 2.129,700
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756 THE CHRONICLE [Vot. Lxxxvin.
INVENTORIES.
At Dec. 31 1908 the aggregate book valuation of the in-ventories of all the properties equaled $143,179,629, in com-parison with a total at close of the preceding year of $136,-188,874, an increase of $6,990,755. This increase is at-tributable chiefly to the larger quantities on hand at closeof 1908 of iron ore, pig tin and spelter. At Dec. 31 1908the tonnage of iron ore on hand in stock piles at mines, atfurnaces and at lower lake docks was 24% greater than atclose ofthe preceding year. The average price at whichthe ore was inventoried is, however, somewhat less, asshown by an increase of only 13.5% in valuation, against anincrease of 24% in quantity.
Inventories were taken on the basis of actual purchase orproduction cost of materials to the respective companiesholding the same, unless such cost was above the marketvalue on Dec. 31 1908, in which case the market price wasused. Inventory valuations are believed to be conservative,the aggregate valuation for all raw, partly finished and fin-ished materials produced within the organization being be-low the market price on Dec. 31 1908. Inventory valua-tions do, however, include the profits on materials embracedin inventories which have been purchased by one subsidiarycompany from another; but, as shown by the General Bal-ance Sheet, such profits are segregated and carried in a spe-cific surplus account, and will not be included in the reportedearnings of the entire organization until such profits shallhave been converted into cash or a cash asset to the organi-zation. The specific surplus account referred to is, there-fore, practically a guaranty fund for these profits so lockedup in inventories pending realization in cash.
CAPITAL EXPENDITURES.
The expenditures made during the year by all companiesand properly chargeable to capital account, for the acquisi-tion of additional property and construction, less creditsfor property sold, equaled the aggregate sum of $49,422,-697 42. All of the above expenditures comprehend, asstated in the certificate of the chartered accountants (seepage 31), only actual additions and extensions to the plantsand properties. The capital expenditures are classified byproperty groups as follows:
Gary. Indiana, Plant, the City of Gary and terminal railroadwork adjacent thereto ;18,733,841 04
Other Properties, exclusive of Tenn. Coal, Iron & RR. Co., viz.:Manufacturing Properties Coal and Coke Properties Iron Ore Properties Transportation Properties Miscellaneous Properties
Tennessee Coal, Iron do RR. Co.'s properties, viz.:Manufacturing Plants *2,399,266 83Ore, Coal and Limestone Properties 831,474 41Birmingham Southern Railway 139,737 57Sundry Real Estate 90,514 19
The funds for the payment of the expenditures made dur-ing the year 1908, as above, have been provided from thefollowing sources, viz.:From Bonds disposed of and assumed during the year foraccount construction outlays $1,542,000 00
From Depreciation, Replacement and Sinking Funds appro-priated for payment of expenditures included therein 2,604,158 87
From General Construction Fund appropriated from surplusnet income • 3,241,382 31
From Special Construction Fund appropriated from surplusnet income for account Gary, Ind., Plant and Property_ 18,848,472 19
And the balance has been advanced from the general surplusaccount as an investment thereof in the Property Account_ 23,186,684 05
Total $49,422,697 42
In addition to the foregoing amount of expenditures madeduring the year for additional property and construction,there was expended the gross sum of $7,453,158 33 for strip-ping the overburden from ore bodies preliminary to miningore from open pits, for additional logging equipment, &s.Against this charge was credited $1,813,611 for expensesof foregoing character absorbed in operating expenses for1908, for mining ore and timber logged, leaving a net increaseduring the year in the amount invested in stripping out-lays and logging equipment. of $5,639,547 33. The totalinvestment at Dec. 31 1908 in these operations and carriedin Property Account equals $15,936,929 20, all of which willbe absorbed in operating expenses. when respectively theore thus uncovered is removed and timber is cut.
Since April 1 1901 (the date of organization of UnitedStates Steel Corporation) to Jan: .1 1909 the amount ex-pended by all companies for additional property and con-struction (including expenditures by T. C., I. & RR. Co.from Nov. 1 1907 only) equaled $255,497,987 37. '
Reference is made to statement in the next column,showing the sources from which were provided the funds forpayment of the foregoing total of capital expenditures madesince April 1 1901; also for the payments made since samedate of capital liabilities (bonds, mortgages and purchaseobligations), together with the disposition made in the ac-
counts of the organization of the charges and paymentsnamed.
EMPLOYEES AND PAY-ROLLS.
The average number of employees in the service of allcompanies during the fiscal year of 1908, in comparisonwith the fiscal year of 1907, was asiollows:
Total 165,211 210,180Total annual salaries and wages $120,510,829 $160,825,822
SUMMARY OF EXPENDITURES FOR ADDITIONAL PROPERTYAND CONSTRUCTION AND FOR PAYMENT OF
CAPITAL OBLIGATIONS.
From April 1 1901 to December 31 1908.
The following is a summary of the payments which havebeen made by all companies since April 1 1901 (the date oforganization of U. S. Steel Corporation) for the above-named purposes ,viz.:For Additional Property and Construction $255,497.987 37For Bonds and Mortgages discharged, ex-
clusive of bonds redeeemed with SinkingFund moneys $14,131,185 61
For Bonds redeemed with Bond Sink. Funds 40,192,284 15For Purchase Money Obligations paid off,
originally issued for acquirement of prop-erty 34,851,343 13
$89,174,812 89Less, Amount of securities included in this
total of payments which were origin llyissued after April 1 1901 in financing prop-erty and constructionlexpenditures madesubsequent to that date 3,303,793 53
85,871,019 36
Total payments on capital account $341,369,006 73
Of the foregoing total expenditures and payments therehave been financed by the issue and sale of securities thefollowing amounts, viz.:By U. S. Steel Corp. 10-60-Year 5% Bds_620,000,000 00By Union Steel Co. Mtge. and Coll. TrustBonds issued and sold for account ofconstruction expenditures on that com-pany's properties made since Dec. I 1902 6,456,727 79
By Bonds and Mtges. of sundry subsidiarycompanies 11,916,400 91
By Purchase Money Obligations issued 4,103,528 20
$42,476,656 90Less, Amount of the foregoing securities
which have been retired up to Dec. 31 '08 3,303,793 53 39,172,863 37
Balance of expenditures 6302,196,143 36
This balance of capital expenditures has been paid withfunds derived from the following sources, to wit:
Bonds paid from Bond Sinking Funds set aside from net
earnings, and the interest accretions thereon *40,192,284 15
Expenditures paid from bond sinking, depreciation andimprovement funds, and from surplus net income, andformally written off thereto by authority of the Board ofDirectors, the Property Account being correspondinglyreduced, viz.:
Paid from Sink'g,Depreciation and
Expended for— Improv't Funds.
Additional Property
and Construction___ _ $25,114,572 27
Payment of , CapitalObligations 9,790,380 82
Paidfrom SurplusNet Income.
$132,294,974 65
15,847,186 43
$34,904,953 09 $148,142,161 08 183,047,114 17
Total of payments made from Funds and Surplus Net in-come and charged off thereto $223,239,398 32
•And the funds for the balance of the outlays have been ad-vanced from the capital surplus at date of organizationand the surplus net income of the U. S. Steel Corporationand the Subsidiary Companies as shown at Dec. 31 1908_ _ 78,956,745 04
Total ------------------------------------------- $302,196,143 36
VOLUME OF BUSINESS.
The volume of business done by all companies during theyear, as represented by their combined gross sales andearnings equaled the sum of 8482,307,840 34.
This amount represents the aggregate gross value of thecommercial transactions conducted by the respective com-panies, and includes sales made between the subsidiary com-panies and the gross receipts of the transportation companiesfor services rendered both to subsidiary companies and tothe public.The earnings for the year resulting from the above gross
business represent the combined profits accruing to the sev-eral corporate interests on the respective sales and services
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rendered, each of which is in itself a complete commercialtransaction.
EMPLOYEES' STOCK SUBSCRIPTIONS.
In January 1909 there was offered to the employees of theUnited States Steel Corporation and of the Subsidiary Com-panies the Privilege of subscribing for 18,000 shares of Pre-ferred Stock and 15,000 shares of Common Stock at the priceof $110 per share for the former and $50 per share for thelatter. The conditions attached to the offer and subscrip-tion were substantially the same as those under which Pre-ferred Stock had been offered in each of the previous sixyears, excepting as to the subscription price. Moreover,because of the lower price at which the Common Stock wasoffered, as compared with the price for the Preferred, thespecial bonus to be paid subscribers who retain their stockfor five years was fixed for the Common shares at one-halfthe amount of bonus which is to be received by holders ofPreferred shares. Subscriptions were received from 19,192employees for an aggregate of about 23% in excess of theamount of stock offered. Subscriptions were reduced prorata except that employees subscribing for stock equalinga value at the subscription price of $110 or less per employeewere allotted the full amount subscribed for. The totalnumber of shares allotted was 18,000 of Preferred and 15,318of Common Stock. At Dec. 31 1908 there were 22,960 em-ployees who had purchased Preferred Stock under offersmade by the Corporation, and who on that date either heldthe certificates of stock or were making monthly paymentson account of the purchase price thereof.
BALANCE SHEET, STATEMENTS OF ACCOUNTS AND STATISTICS.
The statements of accounts, statistics, &c., presentedin this report comprehend, unless otherwise specificallystated, the combined results for the Uinted States SteelCorporation and all of the Subsidiary Companies, includingthe Tennessee Coal, Iron & Railroad Company.The Condensed Balance Sheet, page759, exhibits the com-
bined assets and liabilities of the United States Steel Cor-poration and of the several Subsidiary Companies, based onthe valuations at which the stocks of the Subsidiary Com-panies and the Carnegie Company bonds were acquired bythe Steel Corporation, but liabilities from one company toanother are omitted from both liabilities and assets.The outstanding capital stocks of subsidiary companies
which are not held by the United States Steel Corporationshow a net decrease during the year of $121,507 50. Thisresults from the acquirement during the year by the Corpora-tion of an additional $158,405, par value, of Tennessee Coal,Iron & RR. Co.'s stock, less the issue to outside holdersof $36,897 50 of that company's stock purchased by themunder subscriptions made prior to the date at which a con-trolling interest in the Tennessee company's stock wasacquired by the Corporation.The accounts of the Steel Corporation and of the Subsid-
iary Companies for the year 1908 have been audited by Price,Waterhouse & Co., the chartered accountants selected forthis purpose by the stockholders at the annual meetingApril 20 1908. The certificate of the chartered accountantsis printed in full on page 31 of pamphlet.
GENERAL.
The depression which began in the fall of 1007 in nearlyall lines of industry throughout the United States continueddurinc, the year 1908 and was severely felt in the steel andiron elude. The extent to which these changed conditionsaffected the business of the susbidiary companies of the or-ganization is shown by the decreased earnings and outputin 1908 as compared with similar results for the precedingyear. The production of rolled and other finished steel pro-ducts for sale to consumers outside of the organization wasin 1908 only 6,206,932 tons the lowest for any calendar yearsince the United States Steel Corporation has been organized.The falling off in business compared with the year 1907 wasmore marked in the domestic than in the export trade, asshown by the following figures of shipments of all kinds ofproducts to customers:Domestic—
Rolled and Other Finished Steel1908. 1907. Decrease. %
Products 5,505,090 9,477,491 3,972,401 41.9Pig Iron, Spiegel. Ferro and Scrap 254,925 417,514 162,589 38.9Iron Ore, Coal and Coke 1,314,295 2,310,108 995,813 43.1Sundry materials and By-Products 28,146 28,990 844 2.9
Total tons all kinds of material,except cement 7,102,456 12,234,103 5,131,647 41.9
Cement (Bbls.) 4,138,757 2,322,875 *1,815,882
Export—Rolled and Other Finished SteelProducts 777,276 1,014,014 236,738 23.3
Pig Iron and Scrap 21,898 21,898Sundry Materials and By-Products 232 68
.164 ___
Total tons all kinds of materials 799,406 1,014,082 214,676 21.2
• Increase
The export business constituted about 12.4% of the entireshipments of rolled and other finished steel products. Theaverage prices received for exported material of all kinds,while somewhat lower than was received in the precedingyear, compared very favorably with the average for thedomestic business. The advantage to both the manufac-turer and the employees of the permanent establishmentof a fair volume of foreign trade, especially during periods
as follows:
of lesser activity in the United States, was most forciblyillustrated during 1908. An essential feature necessary tothe successful conduct of a foreign trade, and one that can beobtained only by remaining continuously in the business,is that the manufacturer, his grades of goods and his methodsshall become known to the consumers. Otherwise the useof the foreign market is largely limited to the so-called"dumping process," which is only accomplished at profitlessprices.In the domestic trade the prices received for steel products
shipped in 1908 averaged substantially the same as thosereceived in the preceding year.The expenditures made by the subsidiary companies during
the year for additional property, construction and improve-ments, including outlays for account of the Gary Plant inIndiana and for the Tennessee Coal, Iron & RR. Co., were
Additional Property andlConstructIon:For all properties excep those nod:below t te $27,227,863 38.For Gary Plant 18,733,841 04For Tennessee Coal, Iron & RR. Co 3,460,993 00
Improvements and Extraordinary Replacements 10,729,603 92
$60,152,301 34
The purposes for which the above expenditures were madeare shown in considerable detail in tables in this report.Generally speaking, the outlays were made in the continua-tion and completion of additions and improvements whichhad been authorized and were under way at the time of thecommencement of the industrial depression which followedthe financial panic in the fall of 1907. Some new work ofconsiderable magnitude was, however, authorized during theyear, principally by the coke properties, to provide the addedfuel requirements called for by the additional furnaces com-pleted and nearing completion at Gary, Carrie, Duquesneand Youngstown; by the iron ore properties in opening anddeveloping mines in order to supply the increased ore tonnagerequired by these additional furnaces; the increase in thelake transportation facilities by the purchase of two additional11,000-ton ore steamers; and by the T. C., I. & RR. Co. inopening new ore mines and rehabilitating and enlarging thecapacity of its blast furnaces. There was also commenced,near the close of the year, an extension of the cement plantat Universal, Pa., which will increase the daily capacity ofthis plant from 4,000 to 10,000 barrels. With the comple-tion of this extension, the annual capacity of the cementplants operated by the Universal Portland Cement Co. (asubsidiary company) will be 8,200,000 barrels of UniversalPortland cement. In the year 1908 there were shipped tocustomers 4,138,757 barrels of cement, against 2,322,875barrels in 1907. This increase was made possible throughthe completion and placing in operation, late in 1907, ofPlant No. 4, at Buffington, Indiana, and Plant No. 5, atUniversal, Pa.At the close of the year there were unexpended on appro-
priations authorized for construction and improvement pur-poses the following sums: For all properties exclusive ofGary, $28,200,000; for Gary, $22,500,000; total, $50,700,000.It is estimated that about 75% of this total will be expendedduring the year 1909.
Since the organization of the Corporation there have beenexpended for additional property and construction (exclusiveof the cost at date of acquirement of Union Steel and Clair-ton Steel companies, and of the stock of T. C., I. & RR. Co.)the following amounts:
For account of the Gary, Indiana, Plant, Including thebuilding of the City of Gary and terminal railroad work__ $42,797.229 57
For account of the Manufacturing Properties 116,155,559 41(including expenditures by U. S. Steel Corporation)
For account of the Coke and Coal Properties 20,056,764 27" Iron Ore Properties 23,120,539 17
During the same period there was expended for extraordi-nary replacements and betterments the sum of 92,534,952 12
Total $348,032,939 49
On account of the foregoing expenditures there were issuedand disposed of bonds, mortgages and purchase obligationsof subsidiary companies to the amount of $39,172,863 37,leaving a balance of expenditure of $308,860,076 12, thefunds for the payment of which have been provided fromthe current earnings and surplus of the organization. Therehave also been paid off through operation of the bond sink-ing funds and by discharge upon their maturity, $85,871,-019 36 of bonds, mortgages and other capital obligationswhich were outstanding at the time of the organization ofthe U. S. Steel Corporation.The expenditures for new property, construction and im-
provements as above have greatly strengthened andenlarged the properties in every respect. The followingtable shows the comparative normal annual productivecapacity of basic manufactured products at April 1 1901and Jan. 11909. The facilities of the iron ore, coke and coaland transportation properties have been also increasedcontemporaneously with the enlargement of and additionstO the manufacturing properties; and large additions havelikewise been made to the reserves of unmined ore and coal.In the capacity figures at Jan. 1 1909 there are included onlysuch units of the Gary Plant as are ready for operation at thedate of writing of this report.
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COMPARATIVE ANNUAL PRODUCTIVE CAPACITY.
April 1 1901 and January 1 1909.
INCREASES SINCE APRIL 1 1901.
C ,1 PACIT YApril 1 1901.
By Purchaseof Union andClairton Cos.
By Purchaseof TennesseeCoal, Iron de.Railroad Co.
Tons. Tons. Tons.'Mast Furnace Products 7,440,000 1,228,000 1,000,000Steel Ingots 9,425,000 1,258,000 500,000Rolled and Other Steel and Iron Products for sale 7,719,000 1,103,000 400,000
Barrels.Cement 500,000
Due to Addi-tions and Im-provementsmade by the CAPACITY
Companies after Jan. 1 1909.their acquire-ment by U. S.Steel Corp'n.
During the last eighteen months the subsidiary companiesof the Corporation have increased their open hearth steelcapacity by 3,052,000 tons. This includes 500,000 tons ofsteel capacity controlled by the Tennessee Coal, Iron & Rail-road Company. During the same period the Bessemer steelcapacity of the subsidiary companies was reduced (by rea-son of substitution of open hearth for Bessemer) by 746,000tons, leaving a net increase in the total steel capacity of2,306,000 tons, of which 1,806,000 tons resulted from en-largements of old plants and the new plant at Gary, and500,000 tons by the addition of the Tennessee Coal, Iron &Railroad Company.
Notwithstanding the increases in capacity by purchase ofother companies and by extensions completed, as indicated,the subsidiary companies of the Corporation have not in theaggregate retained their. relative position in the trade.Based on the figures of actual production of pig iron and steel(the basic products), the situation in 1908 as compared with1901 in respect of the proportion of the iron and steel busi-ness controlled by the subsidiary companies of the U. S.Steel Corporation and by all other manufacturers is as shownbelow. The percentages for 1908 for subsidiary companiesof this Corporation include, of course, the output by theTennessee Coal, Iron & RR. Co., which in that year was3.2% of the country's entire production of pig iron, 4.4%of the entire production of open hearth steel, but only 2.5%of the total production of open hearth and Bessemer steelingots.Pig Iron- In 1901. In 1908
Percentage produced by subsidiary companies of U. S. SteelCorporation in each of the years named 43.2 43.5
Percentage produced by all other Manufacturers 56.8 56.5
100.0 110.0
Steel Ingots-Peratetage produced by subsidiary companies of U. S. Steel
Corporation In each of the years named:Bessemer Steel 70.1 66.3Open Hearth Steel 58.8 48.6
Total by U. S. Steel Corporation interests 66.2 56.4Percentage produced by all other Manufacturers:
All of the construction work account of the manufacturingplant at Gary, Indiana
' the City of Gary and the terminal
railroad work adjacent thereto was carried on continuouslyand actively during the past year.At the manufacturing plant, four of the blast furnaces
have been completed, three being now in operation. Thefirst pig iron was produced on Dec. 211908. The remainingfour blast furnaces now under construction will be completedduring the year 1909. Ot the fifty-six open hearth furnacesauthorized to be constructed, one unit of fourteen furnacesis completed, another unit of fourteen furnaces is nearingcompletion and a third unit of fourteen furnaces will be com-pleted during the current year. Several open hearth fur-naces in the first unit are now in operation, the first steelhaving been produced on Feb. 2 1909. The rail mill is com-pleted and is now in operation, the first rail having beenrolled on Jan. 24 1909 from steel ingots supplied from otherplants. The billet mill will be completed by July 1 1909.Construction work on the 160-inch plate mill, on a group ofmerchant mills, and on the car-axle plant, iswell under way,the expectation being that all of these finishing mills will becompleted and in operation before the close of the presentyear. A full complement of mechanical shops, includingmachine shops, foundry, pattern shop, blacksmith shop androll shop, together With necessary equipment and machinery,has been completed, and the several shops are now in opera-tion, furnishing economical facilities for aiding in the gen-eral construction work at and the operation of the plant.The vessel slip, together with docks, including ore-handlingapparatus, have been completed. The ore docks have acapacity for handling and storing 2,000,000 tons of iron ore.The organization of the operating force has been developedas the several mill departments have approached completion,and at the present time the plant is in readiness to producepig iron, steel ingots and open hearth steel rails.
Construction work in the development and the buildingof the city of Gary, as outlined in the last annual report, hasbeen carried on vigorously. Nearly all of the dwelling housesand other buildings planned to be constructed by the com-pany have been completed and are occupied. About tenmiles of the street paving has been completed. There havealso been built over eleven miles of cement sidewalk. Theentire first sub-division is now being supplied with electriclight, water and gas, and is equipped with a complete sewersystem. The power required for furnishing these facilitiesis supplied from the manufacturing plant. Within the firstsub-division there have been built or are in process of build-ing seventy-four business blocks of substantial construc-tion, costing in the aggregate $1,147,000. All of the build-ings completed are occupied. One hundred and forty-threedwelling houses and flats have been completed in the firstsub-division by outside parties at an estimated cost of$486,000. At this date there are approximately sixty ad-ditional dwelling houses and fiats in process of building byoutside parties. At Jan. 1 1909 there had been sold by thecompany a total of 449 building lots, and this number wasincreased during the month of January 1909 by the sale ofan additional 184 lots. The sales of lots now being madeare largely to employees, who are purchasing for the purposeof building homes. About 130 acres of land lying imme-diately east of the first sub-division has been sold to theAmerican Locomotive Company for use as a manufacturingsite. It is the intention of the Locomotive Company to erecton this site a plant for the manufacture of locomotives whichwill have a capacity of fifty finished locomotives per monthand will employ about 3,500 men.The terminal railroad work adjacent to the plant and the
City of Gary referred to in detail in last annual report, wassubstantially completed during the year. The main lineof the Lake Shore & Michigan Southern Railway Co. wasreconstructed with double track and relocated for a distanceof 11.75 miles, its traffic being diverted from its old to thenew line on Aug. 27 1908. The Baltimore & Ohio Railroadwas reconstructed with double track and relocated for adistance of 10 miles, the new line having been placed inoperation on July 19 1908. The construction of the new lineof railway from a connection with the Chicago & IndianaSouthern RR., east of the plant site, southwesterly andwesterly, passing to the south of the City of Gary, to thetown of Gibson, where connection was again made withthe Chicago & Indiana Southern RR., a distance of 7.6miles, was completed and placed in operation on Nov. 81908. This line of railroad is leased to the Chicago & In-diana Southern RR. Co. The old line of the last-namedrailroad, and which passed through the plant site, was re-constructed and relocated and is leased to the Chicago LakeShore & Eastern Ry. Co. (a subsidiary company of the Cor-poration) and will be used by it in serving the manufactur-ing plant. In the large railroad yard just west of the steelplant, 51.19 miles of yard tracks and sidings have been gradedand laid. The yard was opened for service on Nov. 15 1908.At the eastern end of this yard there have been constructedand put into operation a large round house, coal chutes,power plant, machine shops, &c. Within the steel plantthere have been laid 79.25 miles of standard gauge sidingsand tracks connecting the several mill departments with oneanother and with the main line of the Chicago Lake Shore& Eastern Railway.The Board takes pleasure in acknowledging the loyal and
efficient services of the officers and employees of the Corpora-tion and the several subsidiary companies.
By order of the Board of Directors.
H. GARY,
ors.
WILLIAM E. COREY,
hai
President.
We have audited the following Balance Sheet, and certifythat in our opinion it is properly drawn up so as to show thetrue financial position of the United States Steel .Corporationand Subsidiary Companies on Dec. 311908.
PRICE, WATERHOUSE & CO., Auditors.
New York, March 8 1909.
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MAR. 20 1909.1 THE CHRONICLE 759
UNITED STATES STEEL CORPORATION AND SUBSIDIARY COM-PANIES CONDENSED GENERAL PROFIT AND LOSS ACCOUNT.
For Year Ending December 31 1908.
Dross Receipts—Gross Sales and Earnings (see page 756) Operating Charges, viz.:
Manufacturing and Producing Cost andOperating Expenses, including ordi-nary maintenance and repairs andprovisional charges for depreciation_$384,700,283 73'
Administrative, Selling and GeneralExpenses, and Employees BonusFunds (not including general ex-penses of transportation companies) 12,932,696 1:1
Taxes 5,361,160 20Commercial Discounts and Interest__ _ 2,707,181 06
$482,307,840 34
$405,701,321 12Less, Amount Included in above
charges for provisional reserves fordepreciation now deducted for pur-pose of showing the same in separateitem of charge, as see below 16,965,181 46
388,736,139 66
Balance $93.571,700 68Sundry Net Manufacturing and Operating
Gains and Losses, including Idle Plantexpenses, Royalties received, Depre-ciation in inventory valuations. &c--
Rentals received $628,194 92860,610 13
1,488,80505
Total Net Manufacturing, Producing and OperatingIncome, before deducting provisional charges for de-preciation $95,060,505 73
Other Income—Net Profits of Properties owned, but whose
operations (gross revenue, cost ofproduct, expenses, &c.) are not includedin this statement $520,641 23
Interest and Dividends on Investments andon Deposits, dec 3,777,438 73
Total Interest Charges—
Interest on Bonds and Mortgages of theSubsidiary Companies $7,189,491 50
Interest on Purchase Money Obligations andSpecial Deposits or Loans of the Sub-sidiary Companies 211,713 68
Balance, being the aggregate earnings of the severalcompanies for the year before deducting provisionalcharges for depreciation
Less, Net Balance of Profits earned by subsidiary com-panies on sales made and service rendered account ofmaterials on hand at close of year in purchasing com-panies' inventories, and which profits have not yet beenrealized in cash from the standpoint of a combinedstatement of the business of the U. S. Steel Corpora-tion and subsidiary companies
Earnings for the Year 1908, per Income Account.page 32
Less, Appropriations for various Depreciation Funds_ _ _ -
Net Earnings in the year 1908
4,298,079 96
$99,358,585 69
7,401,205 1*
*91,957,380 51
109,68994
$91,847,710 5716,965,181 46
$74,882,529 11
• Includes charges for ordinary maintenance and repairs, approximately$27,000,000. See table on page 753.
CONDENSED GENERAL BALANCE SHEET DECEMBER 31 1908.
ASSETS.Property Account—
Properties Owned and Operated by the Several Companies—Balance of this account as of Dec. 311907 $1,435.540,068 50
Adjustments during 1908 in the fore-going balance Credit 114,843 46
Expended for Additional Propertyand Construction in 1908 49,422,697 42.
$1,484,847,922 46Less, Charged off to the following ac-
counts, viz.:To Bond Sink. Funds $660,000 00To Depreciation, Ex-
tinguishment andReplacement F'ds 3,892,342 49
To Funds providedfrom Surplus Netincome for paymentof capital expendi-tures(see page 754)22,09,854 50
Expenditures for Strip-ping and Develop-ment at Mines, andInvestment in Struc-tural Erection andLogging Plants, viz.:Bal. at Dec. 31 1907$10,297,381 87Net increase duringthe year 1908_ _ 5,639,547 33
26,642,196 99
$1.458,205,725 47
Deferred Charges to Operations—Payments for Advanced Mining Roy-
alties, Exploration expenses andMiscellaneous charges, chargeableto future operations of the proper-ties
Less: Fund reserved from Surplus tocover possible failure to realize Ad-vanced Mining Royalties
15,936,929 20
$9,106,666 18
2,800,000 00
Investments—Outside Real Estate and Investments in sundry securi-
ties, including Real Estate Mortgages and Land SalesContracts
Sinking and Reserve Fund Assets—Cash resources held by Trustees ac-count of Bond Sinking Funds
($38,085,500 par value of Re-(leemed Bonds held by Trusteesnot treated as an asset.)
Contingent Fund and MiscellaneousAssets
Insurance Fund Assets (at cost) - -.Depreciation and ExtinguishmentFund Assets (at cost)
Investments (at cost for Special Con-struction Fund for Gary Plant)-- -
$1,474,142,654 67
$543,961 90
1,902,755 535,009,555 05
13,269,254 28
2,537,507 23
Current Assets—Inventories *143,179,628 56Accounts Receivable 34,708,118 43Bills Receivable, Customers 6,201,532 12Agents' Balances 711,043 51Sundry Marketable Bonds and Stocks 4,823,800 16Loans on Collateral 50,000 00Cash (in hand and on deposit withBanks, Bankers and Trust Com-panies subject to check) 40,548,053 46
6,306.666 18
3,082.999 57
23,263.034 89
239,222,176 24
$1,746,017,531 55
LIABILITIES,Capital Stock of U. S. Steel Corporation—Common $508,302,500 00Preferred 360,281.100 00
Capital Stocks of Subsidiary Companies Not Held byU. S. Steel Corporation (Par Value)
Bonded and Debenture Debt—United States SteelCorporation 50-Year5% Bonds $303,957,000 00
United States SteelCorporation 10-60-Year 5% Bonds_ 200,000,000 00
$503,957,000 00Less, Redeemed and
held by Trustees ofSinking Funds 28,690,500 00
Balance outstanding $475,266.500 00Subsidiary Cos.' Bonds(Guaranteed by U.S. Steel Corpor'n)__ $47,769,000 00
Subsidiary Cos.' Bonds(not guaranteed by
: TJ S. Steel Corp'n)_ 79,557,342 85.;1
$127,326,342 85Less. Redeemed 'rand
held by Trustees ofSinking Funds 9,396,000100
Balance outstanding 117,930,342 85Debenture Scrip, Illinois Steel Co 34,366 66
Capital Obligations Authorized or Created for CapitalExpenditures Made (Held in the Treasury Subject tosale, but Not Included in Assets—Seepage 755.)
Subsidiary Cos.' Bonds, not includedin this Balance Sheet as either a Lia-bility or an Asset $11,921,000 00
Mortgages and Purchase Money Obligations of SubsidiaryCompanies—
Current Liabilities—Current Acc'ts Payable and Pay-Rolls.. $20,858,014 34Bills Payable 840,500 00Special Deposits or , Loans due em-
ployees and others 923,845 31Accrued Taxes not yet due 3,577,024 09Accrued Interest and UnpresentedCoupons 7,986,038 12
Preferred Stock Dividend No. 31,Payable March 1 1909 6,304,919 25
Common Stock Dividend No. 21.Payable March 30 1909 2,541.512 50
$868.583,600 00
640.302 50
1593.231.209 51
4,161,980 53
43,031,853 61
Total Capital and Current Liabilities $1.509.648.946 15Sinking and Reserve Funds—Sinking, Depreciation and ReplacementFunds, per table on page 754 $42,546.313 67
General Construction Fund for author-ized appropiations (see page 754).. 682.432 65
Special Construction Fund for accountGary, Ind., Plant (see page 754) _ _ 7,202,770 43
Contingent and Miscellaneous Operat-ing Funds 8,722,064 27
Insurance Funds 5,725,778 47
Bond Sinking Funds with Accretions Income appropriated for payment ofbond sink ng funds—Represented byredeemed bonds not treated as assets(the Interest on which is currentlyadded to the sinking fund) and bycash—See Contra.
Undivided Surplus of U. S. Steel Corpora-tion and Subsidiary Companies—
Capital Surplus provided in organization$25,000.000 00Balance of Surplus accumulated by allcompanies from April 1 1901 to Dec.311908, per table on p. 32 pamphlet 80,079,477 47
Total Surplus exclusive of SubsidiaryCompanies' Inter-Company ProfitsIn Inventories $105,079,477 47
Undivided Surplus of Subsidiary Cos..representing Profits accrued on saleof materials and products to othersubsidiary companies and on handin latter's Inventories 28,335,736 70
64,879,359 4938,074,011 74
133,415,214 17
$1.746.017,531 5$
• Inventory valuations include profits accrued to:subsidiary companies on materials and productsitsold to other subsidiary companies and undlsposedit by the latter—see contra specific surplus account for these profits. The total of all Inventories is, however, below the actual current market prices.
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THE NEW YORK CENTRAL 86 HUDSON RIVER RAILROAD COMPANY. -
FORTIETH ANNUAL REPORT-FOR THE YEAR ENDED DEC. 31 1908.
To the Stockholders of The New York Central & Hudson RiverRailroad Company:
The Board of Directors herewith submits its report forthe year ended December 31 1908, with statements showingthe results for the year and the financial condition of thecompany.The mileage embraced in the operation of the road is as
follows:
Main line and branches owned Proprietary lines 'Lines leased Lines operated under contract Trackage lights
Total road operated
Miles.805.47
3.062,617.92
81.70272.64
3,780.79
The slight decrease in road mileage operated is due tochange of alignment and measurement at various points onthe system. A statement showing in detail miles of roadand track operated will be found upon another page.The capital stock authorized and outstanding is as follows:
Authorized to December 31.1008 $250,000,000 00There was no change during the year in the amount issuedand outstanding; the total on December 31 1908 being 178,632,000 00
Balance authorized but not issued December 31 1908 $71,368,000 00
The funded debt outstanding on December 31 1907 was_$230,414,845 00There have been issued and sold during the year, to providefunds for extensions, additions and improvements to thecompany's property, gold debentures of 1904 amounting to 13,000,000 00
Making the total funded debt outstanding on Decem-ber 31 ipos $243,414,845 00
SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.1908.
Expenses of Operation- (73.63%)Maint. of way and struct_$10,768,284 26Maintenance of equipment 13,420,282 68Conducting transportation 38,759,355 32General expenses 2,471,162 52
Use joint facilities: fixedinterest basis 295,708 39 285,264 40
St. L. & A. Railway: int-erest, rentals, &c 138,600 00 154,750 00
N. Y. 80 Ottawa Railway:interest on bonds 58,240 00 57,660 00
Rentals of leased lines__ _ 9,708,044 63 9,574,606 00Taxes on real estate 3,153,338 85 2,180,248 55Taxes. on special franchises 329,796 35 330,821 03Taxes on capital stock 599,751 32 764,609 74Taxes on bonded debt 2,547 18 2,978 04Taxes on gross earnings 159,944 33 160,629 62Railroad Commissioners'assessments 7,200 00 18,447 65
Canadian provincial taxes 3,795 40 5,283 65
Totals 524,725,485 61 $22,957,948 09
Net income $9,075,876 55 $11,083,828 94Cash dividends, four eachyear 8,931,600 00 10,717,920 00
••••••
Mae
--$905,784 00-336,161 00
-368,53029:
+103,332 87.+402,17034
--$1,104,972 08
--$240,414 87
+$287,444 44
--92,402 39
4-537,834 57
d-112,993 13
+10,443 99
--16,150 00
+580 00--133,438 63+973,090 30--1,024 68
--164,858 42--430 86--685 29
--11,247 65-1,48825
+$1,767,537 52
--$2,007,052 39
--1,786,320 00
Surplus 5144,276 55 $365,908 94 --$221,632 39
• 5% in 1908; 6% in 1907.
Surplus for the year $144,276 55Amount to credit of profit and loss, December 31 1907_ 14,608,092 24Add: amount credited from bills against sundry roads,
adjusting use of joint properties prior to 1908 485,408 23
Deduct: ten per cent advance payment andinstallments prior to current year, ontrust equipment $1
Discount account Gold debentures of 1904.. 1Discount, commissions and expenses, ac-count equipment trust certificates
Injury claims prior to 1908 Improvements on Boston & Albany Rail-
road assumed by lessee Cancellation of uncollectible charges andsundry adjustments
,195,030 60,495,000 00
785,419 66573,396 58
229,386 93
101,772 29
Balance, December 31 1908
$15,327,777 02
4,380,906 06
$10,946,870 96
• The Dunkirk Allegheny Valley & Pittsburgh Railroad, 90.51 miles,is also leased by this company, but its mileage and operations are not in-cluded in this report. Separate accounts are kept and independent reportsprepared in its behalf.
Gross earnings were $88,849,367 66, a decrease of $9,519,-691 89.
Freight earnings were $51,200,547 11, a decrease of $8,-205,899 45. The volume of tonnage carried shows a decreasein nearly all of the classified commodities, the greatest reduc-tion being in grain, bituminous coal, ores and lumber. Theloss in tonnage of bituminous coal was in part due to thesuspension of labor in the Morris Run district during eightmonths of the year. The average rate per ton per milereceived shows a slight improvement, due largely to thefact that the loss in tonnage of merchandise and other freightof the higher classes was not proportionately as great as inthe tonnage of commodities of lower grade.The passenger earnings were $27,824,491 56, a decrease
of $2,013,367 46. This decrease was about equally dividedbetween local, commutation and interline business. Theimmigrant business was practically suspended.The earnings from express traffic were $3,584,721 72, an
increase of $7,266 94.The earnings from transportation of mails were $2,737,-
731 35, a decrease of $37 698 96. The earnings during thefirst six months were affected, as compared with the previousyear, by an arbitrary reduction in compensation by Congress,which became effective July 1 1907.The expenses of operation were $65,419,084 78, a decrease
of $10,384,249 10. The percentage of operating expensesto revenue was 73.63%, compared with 77.06% in theprevious year.The operating expenses by groups are as follows:
Maintenance of way and structures_310,768,284 26 decrease $1,693,762 46
In maintenance of way and structures reduced chargeswere quite generally distributed through the various accounts.The expense for renewal of rails was but slightly below thatof the previous year, and the charges for renewal of tiesincreased.In maintenance of equipment, the various repair items
show large decreases, due to the volume of idle cars and loco-motives. Under the head of renewals, expenses were chargedwith $1,051,601 73, the value of equipment retired, less theamount received from sales, scrap, &c.In the cost of transportation the station, train and loco-
motive expenses, notably fuels for locomotives, show largedecreases.The per diem mileage balance decreased $761,608 52,
owing to a reduction early in the year from fifty cents totwenty-five cents per diem.The net earnings were $23,430,282 88, a decrease of
$864,557 21.Other income amounted to $10,371,079 28; the decrease
of $1,104,972 08 was largely because of a reduction in theincome from investment securities.The first charges were $24,725,485 61, an increase of
$1,767,537 52. The principal items of this increase wereinterest on additional four per cent gold debentures of 1904,interest on equipment trust certificates, and heavier chargesfor taxes on real estate.The depression in business which began late in the year
1907 continued throughout the year covered by this report.Through a gradual improvement in revenue during thelatter part of 1908, and the continued economy in expenses,especially in the cost of transportation, there resulted aprofit from operations for the year sufficient for the declara-tion of a dividend of five per cent.The requirements of the Federal and State Commissions
entailed considerable additional expense in the preparationof special statements and the attendance of counsel andemployees at the numerous hearings before the Commissions.The first annual reports to the Commissions under the newlaw have been prepared and filed, and the experience gainedin the preparation of these reports, and the subsequentcorrespondence with the Commissions prove, that in viewof the details demanded, the added expense is permanent inits nature, and will undoubtedly continue to increase.
Extraordinary expenses during the year were as follows:
For additions to property, charged to cost of road and
equipment $5,603,731 54
For construction work on leased lines and for Grand Central
terminal improvement, charged in part against funds pro-
vided by lessor companies 7,644,337 50
Total $13,248,069 04
Details of the above-mentioned expenditures are shown onsubsequent pages. (See pamphlet report.)
As stated in previous reports, this company had acquired$12,000,000 out of a total issue of $20,000,000 of the capitalstock of The Mohawk Valley Company, which was organizedas a holding company for the securities in various electricrailway, light and power companies in the State of New York.
9
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MAR. 20 1909.1 THE CHRONICLE 761
• During the year a plan for the consolidation and merger•of certain of the electric railways above mentioned wassubmitted to the Public Service Commission of the SecondDistrict, and received its approval. This plan provides,among other things, for the reduction of the capital stock•of The Mohawk Valley Company from $20,000,000 to$7,500,000, and the surrender and retirement of $12,500,000of the stock and the delivery in exchange therefor of stockof the electric railway companies.Under the provisions of this plan this company retained
$4,500,000 of its total holdings of $12,000,000 of the capital.stock of The Mohawk Valley Company, and surrendered$7,509,000, for which it received in exchange stock of theelectric railway companies of the par value of $10,239,200.Out of a total mileage of 389.02 miles of such interurban
street railways, a consolidation has been practically effectedof the properties in, and in the vicinity of, Rochester, NewYork. ,The consolidated company—New York State Rail-ways—n exchange for its stock, will acquire all of the otherstreet railway properties formerly owned by The MohawkValley Company.A further consolidation of these companies with the New
York State Railways will be accomplished as soon as prac-ticable.The final deliveries of equipment under the New York
• Central Lines Equipment Trust Agreement and Lease of1907 have been made, and on another page will be found astatement shoWing the amount of certificates issued by theGuaranty Trust Company of New York, and the amountof equipment assigned to each of the New York Central lines,together with the yearly rental paid.
Large expenditures have been made in constructing addi-tional tracks, in eliminating grade crossings, and in improvingterminal facilities at various points, particularly for passen-ger traffic. The tidewa ter terminal at East Boston, wherethe water front property was destroyed by fire during theyear, has been re-built, and many other improvements onthe line of the Boston & Albany Railroad have resulted in anoticeable gain in the operating efficiency of that road.The cost of the principal improvements on that line is pro-vided for by the issue of Boston & Albany Railroad Companyfour per cent bonds.
In the enlargement of the Grand Central terminal inNew York City, the company's engineers have been confron-ted with the problem of complete reconstruction and thehandling at the same time of heavy passenger traffic.
Notwithstanding these obstacles, the work is progressingsteadily without serious inconvenience or delay to thetraffic, and the available space for terminal purposes hasalready been considerably increased. The building for theaccommodation of the company's offices and the new postoffice is nearing completion.Anew contract, effective July 24 1907, has been executed
between the New York New Haven & Hartford RailroadCompany and this company, both for itself and as lessee ofthe New York & Harlem Railroad. Under the new agree-ment, interest upon the invest ment in the property, and theexpenses incident to the operation of the terminal, are to bepro-rated on the basis of relative actual use.
W. H. NEWMAN,President.
•SUMMARY OF FIRST
Interest on funded debt Interest on miscellaneous obligations Rentals of leased lines Taxes
DIVIDENDS.
CHARGES.$8,501,9642,259,1039,708,0444,256,373
02538343$24,725,48 561
Four at 134% on 1,786,320 shares of capital stock, payable April 15, July 15, Oct. 15 1908 and Jan. 15 1909, aggregating 5%
CAPITAL STOCK.
$8,931,600 00
Number of shares issued 1,786,271 Total par valu outstanding $178,627,100 00Consolidation certificates not converted 49 Consolidation certificates outstanding 4,900 00
Total number of shares outstanding 1,786,320 Total par value outstanding $178,632,000 00Number of shares authorized 2,500,000 Total par value authorized $250,000,000 00Par value per share $100
Amount of capital stock per mile of road owned (805.47 miles), $221,773 62.
FUNDED DEBT.
Date of Date of Amount of Amount issued and Rate of Payable on theClass of bond— issue, maturity, authorized issue. now outstanding. interest. first day of—
Gold mortgage 1897 July 1 1997 $100,000,000 $85,000,000 00 3114 % January and JulyGold bonds, Lake Shore collateral 1898 Feb. 1 1998 100,000,000 90,578,400 00 3 M % February and AugustGold bonds, Michigan Central collateral 1898 Feb. 1 1998 21,550,000 19,336,445 00 February and AugustDebenture bonds of 1900 1900 July 1 2000 5,500,000 5,500,000 00 3 h% January and JulyGold debentures 1904 May 1 1934 50,000,000 43,000,000 00 4% May and November
Total amount of funded debt $243,414,845 00
Amount per mile of road owned (805.47 miles), excluding Lake Shore and Michigan Central collateral bonds and Debentures of 1900, $158,913 43.
CONDENSED GENERAL BALANCE
ASSETS.pment—Cost of road andequi
60,706,696 04Cost of road $1
SHEET DECEMBER 31 1908.
LIABILITIES.Capital stock—
Capital stock $178.627,10000Cost of equipment 60,706,976 01 Consolidation certificates 4,900 00
05 00Advances for leased lines construction and
$221,473,672 $178,632,000Funded debt—
equipment— Gold mortgage bonds $85,000,000 00Nov York 64 Harlem Railroad Co $17,089,937 80 Gold bonds Lake Shore collateral 90,578,400 00West Shore Railroad Co 7,428,419 82 Gold bonds Michigan Central collateral__ _ _ 19,336,445 00Spuyten Duyvil 64 Port Morris Railroad Co_ 2,471,202 01 Debentures of 1900 5,500,000 00Syracuse Geneva & Corning Railway Co__ 1,152,904 02 Gold debentures of 1904 43.000,000 00
243,414,845Pine Creek Railway Co 953,713 63 00150,000Other leased lines 317,664 76
20,413,842Bond and mortgage payable 00
04Grand Central terminal improvement 12,181,854 $422,196,845 0091 Total capitalization Securities owned— Three year gold notes of 1907 25,000,000 00
Stocks of sundry companies $142,218,521 13 Current liabilities—Bonds of sundry companies 11,656,093 26
153,874,614Wages and supplies $6,844,889 11
39 Loans and bills payable 110,00000Other property 2,256,363 36 Traffic balances payable 2,198,77049Advances other than construction 114,939 82 Interest and rentals accrued 6,759,603 66Fuel and supplies 7,115,875 30 Interest unclaimed 52,019 10Current assets— Dividend payable January 15 1909 2,232,900 00
Cash charged Treasurer $16,018,182 33 Dividends unclaimed 47,970 60Loans and bills receivable— Bonds past due 16,79000New York State Realty & Sundry accounts payable 1,995,278 29
20,238,221Terminal Co $11,937,000 00 25Mohawk Valley Company 5,262,500 00 Accounts with lessor companies—Terminal fly. of Buffalo 500,000 00 Boston & Albany Railroad. Co $1,257,208 55Rutland Railroad Co_ _ 363,819 17 Fall Brook Railway Co 669,27066Mutual Terminal Com- Wallkill Valley Railroad Co 59,34937pany of Buffalo 70,000 00 Carthage 64 Adirondack Railway Co 25,402 44
2,011,231Clearfield Bituminous Coal 02(per contra) - - - 3.035,752Corporation 170,000 00 Securities held in trust for lessor companies 00
Buffalo Thousand Islands Profit and loss 10,916,870 9664 Portland RR. Co.._ _ 217,500 00
New Jersey Shore LineRailroad Company_ _ _ 223,000 00
50,722,575 24Items in suspense 3,239,431 12Securities acquired from lessor companies (per contra) _ 3,035,752 00
$483,428,920 23$483,428,920 23
NEW YORK CEXTRL LINES EQUIPMENT TRUST OF 1907.
The following statement shows the character of the equip-ment acquired under the terms of the New York Central
Lines Equipment Trust Agreement and Lease of 1907, to-gether with the total amount of certificates issued by theGuaranty Trust Company, and the amount now.outstan ding.
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Loco- Passenger FreightRoad- motives, cars. cars.
New York Central & Hudson River RR. Co 447 88 4,000Lake Shore & Michigan Southern Ry. Co 125 25 4,000Chicago Indiana & Southern RR Co 2 8 3,400Michigan Central RR. Co 5 15 3,500Cleveland Cincinnati Chicago & St. Louis Ry. Co_112 17 1,525
In addition to the annual rental payment of one-fifteenthof the par value of the certificates originally issued, thefurther sum of $1,500,000, representing interest at therate of 5% per annum on $30,000,000 of certificates, waspaid in 1908 by the companies parties to the agreement, asfollows:New York Central & Hudson River Railroad Company Lake Shore & Michipn Southern Railroad Company Chicago Indiana & Southern Railroad Company Michigan Central Railroad Company Cleveland Cincinnati Chicago & St. Louis Railway Company..-
Live stock 756,693 814,777 --58,084Dressed meats 324,193 345,670 --21,477Other packing-house products 327,812 286,823 A-40,989Poultry, game and fish 73,291 86,553 --13,262Wool 76,932 67,013 A-9,919Hides and leather 135.650 106,075 A-29,575Milk 320,020 319,021 A-999Dairy products 201,771 181,743 A-20,028Other articles 101,890 75,009 A-26,881Products of mines.Anthracite coal 5,135,838 5,480,394 --344,558Bituminous coal 10,092,167 12,632,294 --2,540,127Coke 506,944 822,379 --315,435Ores 420,443 961,711 --541,308Stone, sand and other like articles 1,784,238 1,808,655 --24,417Other articles 251,013 302,629 --51,818Products of forest.Lumber 1,344,818 1,784,701 --439,883Other articles 1,174,875 1,283,024 --108,149Manufactures.Petroleum and other oils 397,597 399,784 --2,187Sugar 318,066 390,366 --72,300Naval stores 123,938 94,540 A-29,398Iron: pig and bloom 379,150 578,326 --197,176Iron and steel rails 65,820 133,810 --67,990Other castings and machinery 791,343 1,116,691 --325,348Bar and sheet metal 652,371 974,025 --321,654Cement, brick and lime 1,294,795 1,491,986 --197,171Agricultural implements 127,502 109,616 Ar17,886Wagons, carriages, tools, etc 102,574 140,677 --38,103Wines, liquors and beers 299,977 306,015 --6,038Household goods and furniture 124,660 123,255 A-1,405Other articles 4,238,062 4,514,936 --276,874Miscellaneous.Commodities not previously mentioned1,752,182 3,653,623 -1,901,441
Total 39,105,955 47,422,174 -8,316,219FREIGHT CARRIED AND TON MILEAGE.
Tons of freight earning1908. 1907.
Increase (-1-)or Decrease(-) •
revenue 39,105,955 47,422,174 -8,318,219Tons of company's freight_ 6,240,311 7,837,312 -1,597,001
Total No. of tons carried 45,346,266 55,250,486 -9,913,220
Tons of revenue freight car-ried one mile 7,787,086,351 0,362,473,992 -1,575,387,641Tons of company's freightcarried one mile 1,151,277,700 1,393,953,110 -242,675,410
Total No. of tons carriedone mile 8,938,364,051 10,756,427,102 -1,818,083,051
879,140,160 965,774,310 --86,634,150Miles of road, includingtrackage, operated infreight service 3,765.61 3,786.77 --I.16Miles of road, includingtrackage, operated inPassenger service 3,506.06 3,507.22
FREIGHT RESULTS.
1908. 1907.Increase (
or Decrease(-) •Earnings from transporta'n$50,065,454 27 $58,420,500 56 -$8.355,046 29Earnings from miscellane-ous sources 1,135,092 84 985,946 00 +149,146 84
Total freight earnings__ _$51,200,547 11 $59,406,446 56 -$8,205,899 45Earnings per ton $1.28 $1.23 +50.05Earnings per ton per mile_ _ cts. 0.643 eta. 0.624 cts. +.019Earnings per train mile_ _ _ $2.47 $2.61 -$0.14Earnings per mile of roadoperated in freight serv-ice, trackage included_ _ $13,596 88 $15,771 19 --$2,174 3/
Density of freight traffic(t. e., tons carried onemile per mile of road) __ _ 2,373,683 2,855,610 -481,927Average number of tons ofrevenue-earning freightcarried per train mile__ _ 384 419 -35Average number of tons ofall freight (including com-pany's) carried per trainmile 441 481 -40
Average number of revenue-earning tons per loadedcar mile 16.58 17.51 -.93
Average number of all tonsper loaded car mile 19.03 20.12 -LOD
Average number of milesone ton of revenue-earn-ing freight carried 199 197 +2
Average number of miles one.ton carried (all freight)-197 195 +2Average number of freightcars per train mile 36 36
Average number of loadedcars per train mile 24
Average number of emptycars per train mile 13 12 +1
Total passenger earnings $27,824,491 56 $29,837,859 02 -$2,013,367 46Earnings from mail andexpress $6,322,453 07 56,352.885 09 -$30.432 02Earnings per passenger_ _ _ $0.63 ;0.82 +$0.01Earnings per passenger permile eta. 1.781 eta. 1.722 ctS. +0.039
Earnings per train mile__ _ $1.20 $1.22 ---$0.02Earnings per train mile (in-
cluding mall and express) $1.30 $1.41 -$0.02Earnings per m le of roadoperated in passengerservice, trackage included(incl'g mail and express) $9,739 41 ;10,318 03 -579 52
Density of passenger traffic(I. e., passengers carriedone mile per mile of road) 437,713 481,051 -43,338
Average number of passen-ger cars per train mile....- 5.7 5.8 -0.1
Average number of passen-gers per train mile 67 70 -3
Average number of milesone passenger carried.. 36 36
EQUIPMENT, INCLUDING EQUIPMENT OF LEASED LINES
Locomotives.For passenger service Electric locomotives For freight service For switching service Dummy engines, etc
Totals
1908.54235
1,00832415
1907.58734
1,06435817
1,924 2,060
Average mileage per engine 27,499 milesCost of repairs (excluding renewals) perengine mile cts.6.8385
31,600 miles
cts.7.1844Cost of fuel per ton $1.74 ;1.82Cost of fuel per engine mile eta. 11.82 eta. 12.33Cars in passenger service.
Passenger coaches 952 958Electric motor cars 125 125Smoking cars 101 192Combination cars 194 198Immigrant and excursion cars 67 72Dining cars 23 23Buffet and cafe cars 17 18Mall, express and baggage cars 523 531Officers' and pay cars 15 15Other cars in passenger service 219 222
• Totals 2,326 2,354
Total seating capacity 98,680 99,186Average mileage per passenger car 57,872 miles 60,420 milesCost of repairs (excluding renewals) per
passenger-car mile ' eta. 1.04 eta. 2.10Cars in freight service.
Box cars 34,593 37,246Flat cars, common 3,250 3,400Flat cars, steel 252 253Stock cars 782 932Coal and coke cars 22,154 23,300Refrigerator and produce cars 851 881Caboose cars 961 980
THIRTY-NINTH ANNUAL REPORT-FOR THE YEAR ENDED DEC. 31 1908.
To the Stockholders of The Lake Shore cfe Michigan SoutherRailway Company:
The Board of Directors herewith submits its report forthe year ended December 31st 1908, with statements show-ing the results for the year and the financial condition of thecompany.The mileage embraced in the operation of the road is as
follows:Miles.
Main line 870.89220.84416.04
3.33
Total 1,511.10
There is a decrease of 9.25 miles in the mileage of roadoperated during the year, due to changes in location of vari-ous terminals and elimination of curves.A statement showing in detail the miles of road and track
operated will be found upon another page.There was no change in capital stock during the year, theamount authorized and outstanding December 31st 1908being $50,000,000 00
There has been no change in the funded debt of the com-pany, the amount outstanding December 31st 1908 being $135,400,000 00
There were sold during the year 114,000 shares of stockof the Lehigh Valley Railroad Company and $7,000,000 00of bonds of the Chicago Indiana & Southern Railroad Com-pany.
There were purchased during the year 4,800 shares of stockof the Toledo Terminal Railroad Company and one shareof stock of the Mahoning State Line Railroad Company.
Full particulars regarding the equipment acquired andrental paid under the terms of the "New York Central LinesEquipment Trust Agreement and Lease of 1907" will befound on another page. (See New York Central report.)SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.
ncrease (+)1908. 1907. or Decrease(-)
1,511.10 miles 1,520.35 miles -9.25 milesEarnings from Operation- operated. operated. operated.
To the surplus for the year $1.740,013 12There should be added-
Profit from sale of Lehigh Valley RR. Co. stock$3,472,594 77Adjustment of sundry accounts 35,73083 3,508,325 60
There should be deducted-Discount, commissions and expenses on ac-count of New York Central Lines EquipmentTrust Certificates of 1907 $442,581 79
Discount on sale of bonds of Chicago Indiana &Southern Railroad Company 650,612 24
Settlement with New York Central & HudsonRiver Railroad Co. for facilities at Buffaloprior to 1908 444,535 53 1,537,729 56
Amount to the credit of profit and loss Dec. 31 1907
$5,248,338 72
$3,710,609 16 17,805,259 03
Balance Dec. 31 1908 $21,515,868 19
The gross earnings for the year were $39,964,858 44, adecrease of $4,988,616 58 as compared with last year.The freight earnings were $25,935,473 24, a decrease of
$5,176,008 88, due to the falling off in tonnage handledduring the depression in business conditions prevailingthroughout the year.
Passenger earnings were $9,583,226 94, a decrease of $186,-646 01. While there was an increase in the number of pas-sengers carried, the reduction of passenger rates in variousStates caused a decrease in earnings.The earnings from express traffic were $1,460,403 74, an
increase of $292,312 92.The earnings from transportation of mails were $2,188,-
215 09, a decrease of $36,554 50.The earnings from rentals and miscellaneous sources were
$797,539 43, an increase of $118,279 89.The operating expenses for the year amounted to $26,-
712,011 57, a decrease of $2,832,335 70.Maintenance of way and structures decreased $1,419,-
568 63. The heavy improvement work in 1907, consistingof four-tracking the main line, rebuilding bridges, construc-tion of new stations, etc., made necessary during that year,heavy charges to maintenance to provide for changes to exist-ing roadway and structures. In 1908 there was a cur-tailment of such permanent improvements, resulting incorrespondingly decreased maintenance charges.
Maintenance of equipment decreased $622,040 15, due tothe large amount of equipment out of service during theyear, and therefore not requiring repairs.Conducting transportation decreased $796,867 71, due to
the falling off in traffic and a resulting reduction in the costof train service.
General expenses increased $6,140 79.The income from investments for the year was $4,692,-
666 48, a decrease of $1,023,753 18, due to .reduction individends on stocks owned.The first charges increased $231,526 43, due to interest
on equipment trust certificates and increase in taxes.There was expended during the year for Additions and im-
provements to the property and charged to income the fol-lowing amounts:Yards and Sidings $134,123 06Shops and Engine Houses 65,318 63Stations and Other Structures 380,014 16Roadway and Bridges 641,266 03Land at 'Various Places 71,554 43
! Total $1,292,276 31
W. H. NEWMAN,President.
CAPITAL STOCK.
Number of shares Issued-Common 494,665Number of shares issued Guaranteed ten per cent 5,335
' Total number of shares outstanding 500,000Number of shares authorized 500,000Total par value issued and outstanding $50,000,000 00Total par value authorized 50,000.000 00Par value per share $100 00
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764 THE CIIRONICLE [VOL.
• FUNDED DEBT.Date of Date of Amount of Amount issued and Rate ofClass of bond- issue, maturity, authorized issue. now outstanding. interest.Gold mortgage 1897 June 1 1997 $50,000,000 00 $50,000,000 00 3 % %Gold bonds 1903 Sept. 1 1928 50,000,000 00 50,000,000 00 4%Gold bonds 1906 May 1 1931 50,000,000 00 35,000,000 00 4%
BONDS OF OTHER ROADS ASSUMED BY THIS COMPANY.Kalamazoo & White Pigeon 1890 Jan. 1 1940 400,000 00 400,000 00
Payable on thefirst days of-
December and JuneMarch and SeptemberNovember and May
5% January and July
FIRST CHARGES.• Interest on Bonds.
Interest 33,6% per annum on Gold mortgagebonds $1,750,000 00
Interest 4% per annum on Gold bonds of 1903 2,000,000 00Interest 4% per annum on Gold bonds of 1906_ _ 1,400,000 00Interest 5% per annum on Kalamazoo & White
Pigeon mortgage bonds 20,000 00 $5,170,000 00Interest 5% per annum on Gold notes of 1907 750,000 00Interest on equipment trust certificates 289,225 42Dividend 12% on 5,335 shares L. S. & M. S. Ry. guaranteed
stock 64,020 00Rental of leased lines 1,100,381 87Taxes 1,424,200 77Interest on loans and bills payable 179,415 86. Total first charges $8,977,243 92
DIVIDENDS.
Payable July 29th 1908, 6% on 494,665 shares capital stock_$2,967,990 00Payable Jan. 29th 1909, 6% on 494,665 shares capital stock_ 2,967,990 00
Total 12% $5,935,980 00
CONDENSED .GENERAL BALANCE SHEET
ASSETS.Cost of road and equipment-
Cost of road $66,700,000 00Cost of equipment 24,800.000 00
DECEMBER 31 1908.
Securities owned-Stocks of sundry companies $88,523,791 65Bonds of sundry companies 1,194,655 24
Other property-Real estate not used in operation of the road
Advances for lessor and other companies-Jamestown & Franklin Railroad Co $1,024,101 59
• Lake Erie Alliance & Wheeling RR. Co 1,015,526 31Franklin & Clearfield Railroad Co 7,090,815 85Cleveland Short Line Railway Co 3,334,932 37Lake Erie & Pittsburgh Railway Co 2,437,157 47
Fuel and supplies Current assets-
• Cash charged Treasurer $14,418,964 71Remittances in transit 1,179,350 74Due from agents and conductors 376,916 68Loans and bills receivable-
• Cleveland Cincinnati, Chi-cago ec St. Louis Ry-$5,500,000 00
Lake Erie & Western RR_ 952,915 88Indiana Harbor Belt RR... 793,846 61Chicago Indiana & South-ern RR 505,000 00
Terminal By. of Buffalo 500,000 00Chicago Kalamazoo &Saginaw By 147,832 33
. Dividends payable January 29 1909 2,967,990Dividends and interest unclaimed 68,284Sundry accounts payable 1,162,051
61404945000499
Accounts with lessor companies-Mahoning Coal Railroad Co
Profit and loss
STOCKS AND BONDS OWNED.
Stocks. Number ofShares.
Battle Creek & Sturgis Railway Co 825Central Trunk Railway Co 238Chicago Indiana & Southern Railroad Co. pref.._ 50,000Chicago Indiana ec Southern Railroad Co 120,000Chicago Kalamazoo & Saginaw Railway Co. pref_ 1,800Chicago Kalamazoo & Saginaw Railway Co__ 1,800Cleveland Cincinnati Chicago & St. Louis By. Co_302,077Cleveland Short Line Railway Co 2,500Detroit & Chicago Railroad Co 10,000Detroit Monroe ec Toledo Railroad Co 4,141Detroit Toledo & Milwaukee Railroad Co 7,500Detroit Terminal Railroad Co 933Elkhart & Western Railroad Co 4,598Fairport & Phalanx Railroad Co 10Franklin & Clearfield Railroad Co 5,550Hocking Valley Railway Co 11,540Indiana Harbor Belt Railroad Co 12,250-Jackson Coal Railroad Co 680Jamestown & Franklin Railroad Co 11,733Jefferson Coal Co 5,100Kalamazoo & White Pigeon Railroad Co 2,309Lake Erie Alliance & Wheeling Railroad Co ___) 50,000Lake Erie Alliance & Wheeling Coal Co Lake Erie ec Pittsburg Railway Co Lake Erie & Western Railroad Co prefLake Erie & Western Railroad Co 59,400Lake Shore & Michigan Southern Railway Co.. _ _ 39Lansing Transit Railway Co 10Mahoning Coal Railroad Co pref 7,990Mahoning Coal Railroad Co 17,318Mahoning State Line Railroad Co 12Merchants' Despatch Transportation Co 23,335
New York Chicago & St. Louis RR. Co. 1st pref__ 25,030 $2,503,000 00New York Chicago & St. Louts RR. Co. 2d pref__ 62,750 6,275,000 00New York Chicago & St. Louis RR. Co 62,400 6,240,000 00Northern Central Michigan RailroadCo 5,985 598,500 00Pittsburgh ec Lake Erie Railroad Co 100,002 5,000,100 00Reading Company 1st pref 121,300 6,065,000 00Reading Company 2d pref 285,300 14,265,000 00Reading Company 200,050 10.002,500 00Sturgis Goshen & St. Louis Railway Co 3,000 300,000 00Swan Creek Railway Co 400 40,000 00Taylor Street Warehouse Co_ 100 10,000 00Terminal Railway of Buffalo 5,000 500,000 00Toledo Terminal Railroad Co 4.800 480,000 00
Total par value stocks $127,454,450 00Bonds.
Total amount heldElkhart & Western Railroad Co. first mortgage $200,000 00Jamestown ec Franklin Railroad Co. first mortgage 298,000 00Jamestown & Franklin Railroad Co. second mortgage 500,000 00Terminal Railway of Buffalo first mortgage 500,000 00
Total par value bonds $1,498,000 00
Grand total par value stocks and bonds $128,952,450 00
The above securities are carried on the books of the company at a totalvalue of $89,718,446 89.
FREIGHT CARRIED AND TON MILEAGE.Incerase (+) or
1908. 1907. Decrease (-).Tons of freight earningrevenue 26,224,406 34,281,946 -8,057,540
Tons of company freight 3,053,484 3,289,630 -236,146
Total No. of tons carried 29,277,890 37,571,576 -8,293,686
Tons of revenue freight car-ried one mile 4,852,862,871 5.741,263,554 -888,400,683
Tons of company freightcarried one mile 227,072,584 262,700,359 -35,717,775
Total number of tonscarried one mile 5,070,935,455 6,004,053,913 -924,118,458
DESCRIPTION OF FREIGHT MOVED.Increase (+) or
1908. 1907. Decrease (-).Products of Agricu lture- Tons. Tons. Tons.
Total freight earnings_ _ _$25,935,473 24 $31,111,482 12Earnings per ton 97.1 cts. cts. 89.2Earnings per ton per mile_ _ 0.525 cts. 0.533 cts.Earnings per train mile_ _ _ _ $3.08 $3.30Earnings per mile of road
operated in freight ser-vice-trackage included_ $17,163 31 $20,463 37
Density of freight traffic(1. e., tons carried onemile per mile of road) _ - .. 3,361,747 3,949,126
Average number of tons ofrevenue earning freightcarried per train mile_ _ _ 586.5 618.4
Average number of tons ofall freight (includingcompany's) carried pertrain mile 613.9
Average number of revenuetons per loaded car mile_ 19.7
Average number of all tonsper loaded car mile 20.6
Average number of milesone ton carried, revenuefreight 185.1
Average number of milesone ton carried, allfreight (including com-pany's) 173.5
Average number of loadedcars per train mile 29.8
Average number of emptycars per train mile 16.2
Average number of freightcars per train mile 46.0
PASSENGER RESULTS.
646.7
20.9
21.9
Increase (+) orDecrease (-)
$5,141,414 58
.--34,594 30
-$5,176,008 88+07.9 cts.
-0.008 cts.-$0.22
--$3,300 06
--587,379
-31.9
-32.8
-1.2
-1.3
167.5 +17.6
159.8
29.6
12.4
42.0
Earnings from passengers_ $9,407,654 29 $9,613,351Other passenger train earn-
ings From miscellaneous sources
Total passenger earnings $9,583,226 94Earnings from mall and ex-
press $3,648,618 83
170,016 105,556 55
+13.7
+0.2
+3.8
+4.0
70 -$205,697 41
151,199 50 +518,816 605,321 75 +234 80
$9,769,872 95 -$186,646 01
$3,392,860 41 +5255,758 42
Earnings per passenger_.. $1.10 $1.14Earnings per passenger per
mile 1.914 cts 1.967 cts.Earnings per train mile, ex-
cluding mall and express $1.30 $1.30Earnings per train mile, in-cluding mall and express $1.64 $1.54
Earnings per mile of roadoperated in passengerservice, trackage includ-ed; including mall andexpress $8,649 40 $8,552 51
Density of passenger traffic(l. e., passengers carriedone mile per mile of road) 321,296 317,504
Average number of passen-ger cars per train mile_ 6.55 6.45
Average number of passen-gers per train mile 66.77 64.83
Average number of milesone passenger carried__ _ 57.43 57.96
EQUIPMENT OWNED.Locomotives-
Passenger service Freight service Switching service Inspection service
Total
Average miles run per locomotive in service__
1908.1524162253
-$0.04
-0.053 cts.
+$0.10
+596 89
+3,792
+.10
+1.94
-.53
1907.152391285
796 808
35,472 35,045
Cost per Mile Run-Repairs Enginemen Round-house labor Fuel Water supply Lubricating oil and waste Other supplies
Total cents
Miles run per ton of coal 14.14 14.19Fuel Consumed-
Coal-number of tons 1,748,545 2,044,887Average price per ton $1.71 $1.76Total cost $2,998,747 27 $3,598,089 82Cost of fuel per engine mile (excluding work
engine mileage) Cars in Passenger Service-
Passenger cars Smoking cars Combination cars Emigrant cars Baggage cars Postal cars.Dining and buffet cars Horse cars Officers' and pay cars Air brake instruction car
Total preferred and common stock authorized_ __ $60,000,000 00Preferred stock issued and outstanding $10,666:W0 octCommon stock issued and outstanding 47,056.300 00
57,056,300 00
Balance common stock authorized but not issued Decem-ber 31 1908 $2,943,700 00
The funded debt outstanding December 31
1907 was _ ___ ______ ____$64,612,727 45This has been increased during the year by the
Issue of C. C. C. & St. L. fly. general mort-gage bonds:For improvements $1,000,000 00For retirement of prior lien bonds 78,000 00
1,078,000 00,
565,690,72745,
The prior lien bonds retired during the year are
as follows:Total additional tracks 38.59
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.
Brought forward $65.690.727 45C. I. St. L & C. By. Co. firdt mortgage six
per cent bonds $6,000 00C. I. St. L. & C. By. Co. general first mort-gage four per cent bonds 72,000 00
78,000 00
Total funded debt outstanding December 31 1908 $65,612,727 45
There was expended during the year for additions to theproperty, improvements, double tracking, equipment, &c.,and charged to cost of road and equipment, the sum of$3,210,932 47, as follows:Cleveland Division $404,213 45Cincinnati Division 420,236 09St. Louis Division 653,559 87Chicago Division 212,623 75Cairo Division 97,059 04Michigan Division 20,451 66Interest during construction 151,852 98For new equipment 1,250,935 63
Total $3,210,932 47
There has been advanced on account of the St. LouisShort Line Division during the year, for construction,$100,370 73.
There has been advanced to the Central Indiana RailwayCompany during the year, for improvements and operation,$76,193 72.
There has been advAnced on account of the Chicago &Harrisburg Coal Company property during the year, $25,-497 42.
There has been advanced on account of the Saline andWilliamson counties property during the year, $18,129 11.The Evansville Mt. Carmel & Northern Railway Company
was organized under the laws of the State of Indiana Aug. 11906, and under the laws of the State of Illinois Nov. 7 1906,to construct a railroad from Mt. Carmel, on the Cairo Division,to Evansville, Indiana. There has been advanced on ac-count of this property during the year $11,692 82.The Saline Valley Railway Company was organized under
the laws of the State of Illinois April 6 1907, for the purposeof constructing a railroad from Harrisburg, Saline County,Illinois, to Marion, Williamson County, Illinois. Therehas been advanced on account of this property, during theyear, $610 34.There were sold during the year to the Missouri & Illinois
Bridge & Belt Railroad Company 40 shares of its capitalstock, par value $4,000; similarly each of the other pro-prietary companies surrendered a like amount, making atotal of 440 shares, par value $44,000, which that companyholds in its treasury uncanceled as "Treasury Assets."
There has been purchased during the year by the CentralTrust Company, Trustee for the C. C. C. & St. L. Ry. Com-pany's St. Louis Division first collateral trust mortgagebonds, 21 bonds, par value $21,000, making a total of 520bonds at par value of $520,000 now held by the Central TrustCompany, Trustee.
Full particulars regarding the equipment acquired andrental paid under the terms of the New York Central LinesEquipment Trust Agreement and Lease of 1907 will be foundon another page. (See New York Central report.)SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.
Adjustment of sundry accounts to conform to re-quirements of classifications prescribed by Inter-State Commerce Commission, etc $404,303 55
Less discount, commissions and expenses in con-nection with New York Central Lines Equip-ment Trust of 1907, discount on C. C. C. & St.L. Ry. General Mortgage Bonds and adjust-ment of sundry other accounts 382,189 28 $22.114 27
$230,892 97Amount to credit of profit and loss December 31 1907 1,847,567 88
Balance December 31 1908 $2,078,460 85
The gross earnings were $24,621,660 85, a decrease of$1,826,143 42.The freight earnings were $15,711,940 70, a decrease of
$1,526,406 89. The local earnings show a decrease of 9%and the interline a decrease of 11%.The passenger earnings were $6,908,325 96, a decrease of
$218,723 48. The local earnings show a decrease of 4%and the interline a decrease of 1%.The express earnings were $757,853 86, a decrease of
$92,144 98, due to the general business conditions.The mail earnings were $716,673 35, a decrease of $25,-
054 70, due to reduced Government allowance.The rent earnings were $503,318 75, an increase of $38,-
785 65, due chiefly to increased rentals received from foreignroads.The expenses of operation were $19,231,524 34, a decrease •
of $902,104 87.Maintenance of way and structures showed a decrease of
$821,346 56, which is general and made possible by thehigh standard previously maintained; the only importantitem of increase being in tie renewals.
Maintenance of equipment showed a decrease of $408,-802 20, which is general, and was also made possible by thehigh standard previously maintained; the only importantitem of increase being in renewals of freight cars.
Conducting transportation showed an increase of $332,-370 89. The principal fluctuations were as follows:
Fuel for locomotives decreased $134,253 11.Engine and roundhouse men, train service and supplies
decreased $239,439 43.Station, yard, telegraph service and supplies decreased
$219,837 46.Car mileage and per diem balance increased $639,602 60,
due to decreased demand for system cars on foreign roadsand the adjustment of reclaims accrued in prior years.
Loss and damage increased $251,833 83, due chiefly tothe settlement of deferred claims, largely the result of con-gestion in the latter months of the year previous, and theincrease in fire claims as the result of this year's midsummerdrought.The net earnings were $5,390,136 51, a decrease of $924,-
038 55.Other income was $137,405 63, a decrease of $49,138 10,.
due principally' to decreased interest earned from notes anddeposits.
First charges were $4,818,763 44, a net increase of $291,-262 09. The principal fluctuations consisted of an increase'in interest on funded debt, due to the issue of additionalbonds, increased taxes and increased interest on loans.The net income for the year, after paying first charges,
was $708,778 70, out of which was paid a dividend of 5%on preferred stock, leaving a surplus for the year of $208,-778 70.The operation of the Kankakee & Seneca Railroad for the
year (for which separate accounts are kept) shows earnings$87,596 91, operating expenses and taxes $103,478 46,deficit $16,281 55.The Mt. Gilead Short Line (for which separate accounts
are kept) shows earnings for the year $5,496 12, operatingexpenses and taxes $7,527 02, deficit $2,030 90.
W. H. NEWMAN,President.
FIRST CHARGES.
Interest on bonds ________ ---------Taxes on real estate ___________________________Taxes on gross earninis _ ___----- _____________________Railroad commissioners' _____________ Use joint facilities; fixed interest basis Rentals of other property - - _______________Interest on loans, notes and bills _____________
Total first charges __________________________________
____________ $3'803120.766365 6677_ __
_ 81,609 85966 87
224,094 3180,784 45
__ 587,605 62
_ _ $4,818,763 44
CONDENSED GENERAL BALANCESHEET DECEMBER 31 1908.
ASSETS,Cost of road and equipment ________________________Securities owned-
":.$15,701,331 03
Stocks of other companies $2,127,970 59Bonds of other companies 1,498,991 44
Advances-3,620,962 03
Kankakee & Seneca RR. Co $117,000 00Central Indiana By. Co 780,128 88Short Line Division 1,328,830 57Saline and Williamson Counties property 068,302 07 ,Chicago & Harrisburg Coal Co. property 58,931 07Springfield Union Depot Co 1,840 00Cincinnati Union Depot 60,000 00Real estate 41,151 20Evansville Mt. Carmel & Northern By. Co 203,551 00Saline Valley By. Co 12,058 64
. 3.571.793 43--r--Fuel and supplies 1.494,160 16
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MA.R. 20 1909.j THE CHRONICLE 767
Main line
Brought forward 5134,394.239 65Current assets-
Cash charged Treasurer $519,184 62Cash in transit 1,728,319 65Cash in banks to pay coupons, dividends, etc. 467,103 37Loans and bills receivable 131,934 79Traffic balances receivable 858,793 83Sundry collectible accounts 2,573,483 19
Items in suspense-New car contracts (per contra) $509,274 52Other items 21,370 64
• Accounts with lessor and other companies-Peoria & Eastern Railway Co $55,265 96Kankakee & Seneca RR. Co 42,999 60
Capital stock-Common $47,056,300 00Preferred 10,000,000 00
6,278,819 45
530,645 16
98,265 56
5141,301,969 82
LIABILITIES.
Funded debt-C. I. St. L. & C. By. 1st mtge. 6% bonds_ _ _ $635,000 00C. I. St. L. & C. Ry. gen. 1st M. 4% bonds_ 7,323,000 00C. C. C. & I. fly. lst consol. mtge. bonds__ 4.138,00000C. C. C. & I. By. gen. consol. mtge. bonds__ 3,205,000 00I. & St. L. RR. 1st mortgage bonds 2,000,000 00I. & St. L. By. 1st mortgage bonds 500,000 00C. C. C.& St.L.Ry.(C. VAC.Ry.)1st M.bds. 5,000,000 00C. S. & C. RR. 1st consol. mtge. bonds 2,571,000 00C. C. C. & St. L. By. (Springfield & ColumbusDiv.) first mortgage bonds 1,103,730 00
C. C. C. & St. L. By. (W. W. Valley Div.)mortgage bonds 650,000 00
C. C. C. & St. L. By. (St. L. Div.) Firstcollateral trust mortgage bonds 10,000,000 00
C. C. C. & St. L. By. (C. W. & M. Div.)mortgage bonds 4,000,000 00
C. C. C. & St. L. By. general mtge. bonds 24.058,000 00C. S. & C. preferred stock and scrip 428,997 45
Total capitalization5% Four-year gold notes
Current liabilities-Wages and supplies $4,152,398 25Bills payable-L. S. & M. S. fly. Co 5,500,000 00Bills payable-Dayton & Union RR. Co_ _ _ 112,500 00Bills payable-other 3,425 00Traffic balances payable 178,980 32Interest accrued 494,601 47Bond interest due Jan. 1 1909 383,020 00Bond interest unclaimed 70,329 50Dividend unpaid-preferred stock payableJan. 20 1909 125,000 00
Dividends unclaimed 17,193 87
New car contracts (per contra) Accounts with lessor and other companies-
Mt. Gilead Short Line Railway Items in suspense-
Trust equipment replacement fund Profit and loss
$57,056,300 00
65,612,727 45
$122,669,027 455,000,000 00
11,037,448 41
509,274 52
2,444 59
5,314 002,078,460 85
$141,301,969 82
THE PEORIA AND EASTERN RAILWAY COMPANY.
REPORT FOR THE YEAR ENDED DEC. 31 1908.
SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.1908. 1907. Increase ( -I-)
Totals $2,769,462 79 $3,010.347 21Expenses of operation. (77.87%) (73.67%)
For maintenance of way andstructures $313,962 68 5408,006 02
For maintenance of equipment_ , 384,486 41 441,408 08For conducting transportation_ 1,386,929 13 1,298,246 00For general expenses 67,289 58 70,129 93
Totals 52,152,667 80 $2,217,790 03New construction (addition
betterments) 90,349 48 87,247 09
Total expenses 52,243,017 28 52.305,037 12
Net earnings 5521,445 51 $705,310 09Other income.
Interest on railroad bonds owned 52,950 00 $3.275 00Interest on loans, notes andsundry accounts 379 17 11.826 90
'IVAN $3,329 17 515,101 90
Gross income $524,774 68 5720,411 99First charges-
Interest on funded debt 5404,260 00 $404,260 00Taxes on real estate 107.410 90 100,888 33Taxes on gross earnings 4,951 15 5.35645Railroad commissioners' as-sessments 61 13 69 73
Use joint facilities: fixed inter-est basis 34,608 72 34,621 71
Interest on loans, notes and billspayable 8,954 97 7.871 17
Totals $560,246 87 5553,067 39
Net income '$35,472 19 8167,344 60Interest on income bonds, 4% _ 160,000 00
-$245,884 42-1-(4.20%)
-$94,043 34-56,921 67+88,683 13-2,840 35
-565,122 23
+3,102 39
-$62,019 84
--$183,864 58
--$325 00
--11,447 73
--$11.772 73
-5195.637 31
+5-6i-22 ai-40530
-8 60
-12 99
+1,083 80
+57,179 48
-$202.816 79-160,000 00
Balance Def .$35,472 19 Sur.$7,344 60 -$42,816 79
To the deficit for the year $35,472 19There should be added:
Payments for new equipment in excess of re-serve fund $114,618 15
Less adjustment of sundry accounts to conformto requirements of classifications prescribedby Inter-State Commerce Commission 53,915 58 60,702 57
$:,6.174 76Amount to credit of profit and loss December 31 1907 252,455 01
Balance December 31 1908 $156,280 25
MICHIGAN CENTRAL RAILROAD COMPANY.
SIXTY-THIRD ANNUAL REPORT-FOR YEAR ENDED DEC. 31 1908.
To the Stockholders of the Michiganrentraliltailroad Company:The Board of Directors herewith submits its report for
the year ended Dec. 311908, with statements showing theresults for the year and the financial condition of the com-pany.The report covers the operation of the following mileage:
Miles.270.07
Proprietary lines 345.05Leased lines 1,117.34Lines operated under trackage rights 14.00
Total road operated 1,746.46
A statement showing in detail the miles of road and trackoperated will be found upon another page.The capital stock authorized and issued to Dec. 31 1908 was $18,738,000 00
The funded debt outstanding on Dec. 31 1907 was $26,765,000 00It has been decreased during the year ended Dec. 31 1908as follows:
Michigan Central-Jackson Lansing & Saginaw3 ;4% gold bonds of 1951 purchased and can-celed by the Trustees of the Land GrantFund of the Jackson Lansing & SaginawRailroad Company $10,000 00
Michigan Central-Terminal 4% bonds of 1941,retired in exchange for Indiana Harbor Belt4% bonds 725,000 00
735.000 00
Total funded debt Dec. 31 1908 (detalls.on another page) 526.030,000 00
SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.1908.
Balance available for div__ $1,627,120 15Cash dividends (in 19086%, in 19078%) 1,124,280 00
Surplus
Surplus for the yearAmount to credit of Profit and Loss Dec. 31 1907
51,729,365 48
1,499,040 00
-5102.24533
-374,760 00
$502,840 15 $230,325 48 +5272,514 67
•
Deduct-Expenses of extension Canada Southern First
Mortgage bonds 5141,291 45Loss on sale of Chicago Indiana & Southern bonds 315,107 44Discount, commissions and expenses on account
of Equipment Trust certificates 257,721 27Use of Indiana Harbor Belt terminal facilities prior
to 1908 109.446 60Adjustment of sundry accounts 69,386 67
Balance to credit of Profit and Loss Dec. 31 1908
$502,840 159,131,127 34
$9.633,967 49
892.953 43
$8.741,01406
The •gross earnings were $24,918,487 95, a decrease of$3,628,621 99 from the previous year.The freight earnings were $16,947,001 50, a decrease of
$2,979,801 78. This was due to a decreased movement innearly all commodities.The passenger earnings were $6,168,190 19, a decrease of
$372,912 48, due to a general decrease in both local and in-terline business.The express earnings were 31,040,663 03, a decrease of
$200,969 65.Earnings from transportation of mails were $413,540 83,
a decrease of $15,632 33.The total expenses of operation were $19,005,352 34,
a decrease of $4,126,398 31.Maintenance of way and structures decreased $1,930,-
548 29; due to the general economies effected and reducedexpenditures for new buildings, separation of grades, newyards, logging branches, &c.
Maintenance of equipment decreased $1,091,533 24; largelydue to the reduction in expenditures for repairs on accountof idle equipment during the business depression.
Gros.s income /6,568,641 01 $6,117,878 28 +5450,76273
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768 THE CHRONICLE Lxxxvm.
Number of shares issued and outstanding Number of shares authorizedPar value per share
Conducting transportation decreased $1,097,905 42; dueprincipally to the falling off in the volume of traffic handledand a general curtailment of expenses. The decrease in carmileage-per diem account-was caused by the preferencegiven to loading of this company's cars and by the changein the rate of per diem on March 1 1908 from 50 cents to 25cents. The increase in rents for tracks, yards and terminalsis on account of additional expenditures for terminal facilities;and the increase in expenses of stock yards and elevators ison account of extraordinary expenditures incident to theaphthous fever epidemic.The net earnings were $5,913,135 61, an increase of $497,-
776 32.Other income was $655,505 40, a decrease of $47,013 59.First charges increased $553,008 06, the principal items
being interest on additional bonds and equipment trust cer-tificates issued, increased rate on Canada Southern firstmortgage bonds and interest on loans.The profit from operation for the year, after payment of
6% in dividends upon the capital stock, was $502,840 15,which has been carried to the credit of Profit and Loss.Total cost of road and equipment to Dec. 31 1908 $35,213,257 09
This represents per mile owned (270.07 miles) $130,386.Joliet & Northern Indiana Railroad Construction accountwas increased by expenditures for elevation of tracks inthe City of Joliet
Terminal Railroad (Chicago) Construction account was de-creased by expenditures for construction assumed by theIndiana Harbor Belt Railroad Company as explained below
Jackson Lansing & Saginaw Railroad Construction accountwas decreased by purchase and retirement of bonds as pre-viously commented upon
$71,338 77
$823,443 17
$10,00000
On Jan. 11908, the Indiana Harbor Belt Railroad Com-pany, having taken over the ownership and control of theTerminal Railroad property, in accordance with the termsof the agreement of Jan. 29 1907, there were retired $725,000of Michigan Central-Terminal Railroad 4% bonds, . in ex-change for which a like amount of Indiana Harbor BeltRailroad general 4% bonds were issued. During the yearthis company received from the Indiana Harbor Belt Rail-road Company $105,000 of the latter issue of bonds in con-sideration of the transfer and delivery to the Indiana HarborBelt Railroad Company of 1,058 shares of the capital stockof the Calumet Western Railroad Company and $98,443 17in cash in reimbursement of the amount expended by thiscompany for the construction of the Terminal Railroad inexcess of the proceeds of the $725,000 Michigan Central-Terminal Railroad bonds above mentioned.
Under agreement of Dec. 4 1907, covering reorganizationof the Toledo Terminal Railroad Company (in succession toToledo Railway & Terminal Company), this company
acquired 12%, viz.: 4,800 shares, of the outstanding capitalstock of the Toledo Terminal Railroad Company, and guar-antees interest on that company's 432% fifty-year bonds of1957, aggregating $6,000,000, in proportion to stock hold-ings.
There were sold during the year $3,825,000 4% First Mort-gage bonds of the Chicago Indiana & Southern Railroad Com-pany and $115,000 general mortgage 4% bonds of the In-diana Harbor Belt Railroad Company.On Jan. 11908, $14,000,000 Canada Southern first mort-
gage 5% bonds were extended to Jan. 1 1913 at 6%.Full particulars regarding the equipment acquired and
rental paid under the terms of the New York Central LinesEquipment Trust agreement and lease of 1907 will be foundon another page. (See New York Central report.)
Effective Jan. 1 1908, an agreement, modifying that datedDec. 29 '1903, was entered into with the Pere MarquetteRailroad Company, under the terms of which the annualrental payable by the latter was reduced on account of itsrelinquishment of the right to use the St. Clair Branch of theCanada Southern Railway between the junction of the LakeErie & Detroit River Railway, near Courtright, Ontario,and St. Clair Junction, and also that portion of the main limebetween St. Clair Junction and the crossing of the London &Port Stanley Railway.
W. H. NEWMAN,President,
SUMMARY OF FIRST CHARGES.Interest on funded debt $2,268,938 33Rentals of leased lines 510,310 00Taxes 1,105,694 21Interest on loans, notes and bills payable 842,176 27Interest on Equipment Trust Certificates 214,402 05
Total first charges $4,941,520 86
DIVIDENDS.Payable July 29 1908,3% on 187,380 shares of capital stock_ $562,140 00Payable Jan. 29 1909, 3% on 187,380 shares of capital stock_ 562,140 00
Total 6% $1,124,280 00
AMOUNT OF FUNDED DEBT PER MILE
FundedRoad- Debt.
Michigan Central Railroad $14,000,000Grand River Valley Railroad 1,500,000Detroit & Bay City Railroad 4,000,000Kalamazoo & South Haven Railroad 700,000Michigan Air Line Railroad 2,600,000Jackson Lansing & Saginaw Railroad__ _ 1,730,000Joliet & Northern Indiana Railroad 1,500,000
187,380 Total par value issued and outstanding 187,380 Total par value authorized
$100 00
$18,738,000 00
Amount of capital stock per mile of road owned (270.07 miles), $69,382 0(),,
Date ofClass of Bond- Issue.
Michigan Central First mortgage 1902Grand River Valley First mortgage 1879Grand River Valley First mortgage 1886Detroit & Bay City First mortgage 1881Kalamazoo & South Haven First mortgage 1889Michigan Air Line First mortgage 1890Jackson Lansing dc Saginaw First mortgage 1901Joliet do Northern Indiana First mortgage 1907
Total amount of funded debt
• $270,000 purchased and retired by the Land Grant Trustees.
Outstanding.Rate ofInterest. Payable on the first days of
$18,000,000i
May and November.500,000
.0003
500,000 6% March and September.1,000,000 1,000,000 6% March and September.4,000,000 4,000,000 5% itch., June, Sept., Dec700,000 700,000 5% May and November.
2,600,000 2,600,000 4% January and July.•2,000,000 1,730,000 3 34 % March and September.3,000,000 1,500,000 4% January 43 July 10th.
$26,030,000
CONDENSED GENERAL BALANCE SHEET DECEMBER 31 1908.
ASSETS.Cost of road and equipment-
Michigan Central Railroad-Main Line Michigan Air Line Railroad $3,299,652 23Grand River Valley Railroad 2,501,715 87Jackson Lansing & Saginaw Railroad 2,589,921 64Kalamazoo & South Haven Railroad 815,610 24Detroit & Bay City Railroad 4,168,297 78Bay City & Battle Creek Railroad 7,171 75Battle Creek & Sturgis Railroad 330 59Joliet & Northern Indiana Railroad 862,338 77
Total cost of road and equipment Securities owned-
Stock in sundry companies $7,784,626 50Bonds of sundry companies 351,976 00
Other property-Real estate, &c., not used in operation of the road Fuel and supplies Current assets-
Cash charged Treasurer and Local Treasurer_$3,683,939 86Loans and bills receivable-
Detroit River Tunnel Co_ _ _ _$4,297,825 26Indiana Harbor Belt RR_ _ _ _ 793,846 61Chicago Kalamazoo & Sagi-naw Ry 221,748 50
Michigan Central 336% bonds of 1952 $14,000,000 00Grand River Valley 6% bonds of 1909 1,500,000 00Detroit & Bay City 5% bonds of 1931 4,000,000 00Kalamazoo & South Haven 5% bonds of 1939 700,000 00Michigan Air Line 4% bonds of 1940 2,600,000 00Jackson Lansing & Saginaw 33i% bonds of
•• Products of Animals-Live stock 405,988 399,422 +6,566Dressed meats 153,300 248,187 --94,887,Other packing-house products_ , 96,828 118,014 --21,186Poultry, game and fish 26,195 31,820 -5,625Wool 12,946 11,495 +1,451Hides and leather 40,489 34,692 +5,797Dairy products 60,746 66,034 --5,288Other articles 30,114 25,917 +4,197
Products of Mines-Anthracite coal 1,232,777 1,215,746 +17,031
Bituminous coal 2,459,090 2,827,084 -367,994
Coke 151,188 193,569 -42,381
Ores 35,372 26,639 +8,733
Stone, sand and other like articles 1,226,883 1,615,383 --388,500
Other articles 249,774 217,214 d-32,560
Products of Forest-Lumber 664,892 988,100 -323,208Other articles 1,039,063 1,140,955 -101,892
Manufactures-Petroleum and other oils 120,953 102,827 +18,126Sugar 67,518 85,890 --18,372Iron: pig and bloom 90,886 197,239 -106,353'Iron and steel rails 16,719 30,196 --13,477Other castings and machinery_ 355,214 630,646 --275,432Bar and sheet metal 166,773 386,822 --220,049'Cement, brick and lime 382,838 376,022 +6,816Agricultural implements 63,924 77,210 --13,286Wagons, carriages, tools, etc_ _ 50.079 5 3,583 -3,504Wines, liquors and beers 40,439 36,150 +4,289Household goods and furniture 40,159 39,991 +168.Other articles 1,700,959 1,900,813 --199,854
Miscellaneous-Other commodities not pre-
viously mentioned 992,313 1,287,728 --295,415
Total 14,347,464 16,538,163 •-2,190,699
FREIGHT RESULTS.
1908.Earnings from transporta'n$16,513,137 59Earns, from miscell. sources 433,863 91
1907.$19,412,008 10
514,795 18
Increase ( +) orDecrease (-).
-$2,898,870 51-80,931 27
Total freight earnings. _ _$16,947,001 50 $19,926,803 28 -$2,979,801 78
Earnings per ton $1.15 $1.17 -$0.02Earnings per ton per mile_ _ cts. 0.627 cts. 0.641 -eta. 0.014Earnings per train mile_ $2.38 $2.69 -$0.31Earnings per mile of road;
Density of freight traffic• (1. e., tons carried one
mile per mile of road) _ _ 1,572,539 1,805,560 -233,021Average number of tons Ofrevenue earning freightcarried per train mile__ _ 379 420 -41
Average number of tons ofall freight (including com-pany's) carried per trainmile 395 437 -42
Average number of revenuetons per loaded car mile_ 16 16
Average number of all tonsper loaded car mile 17 17
Average number of milesone ton carried 184 183 +1
Average number of milesone ton carried (includingcompany's) 171 170 +1
Average number of loadedcars per train mile 23.89 25.93 -2.04
Average number of emptycars per train mile 11.43 9.90 +1.53
Average number of freightcars per train mile 35.32 35.83 -51
PASSENGER RESULTS.Total earnings from passen-
Otrersr passenger train earn-ings
From miscellaneous sources
Total passenger earnings $6,168,190 19
$6,030,419 26
122,106 5915,664 34
Earnings from mall andexpress
Earnings per passenger Earnings per passenger per
mile Earnings per train mile_ Earnings per train mile, in-
cluding mail and expressearnings
Earnings per mile of roadoperated in passengerservice, trackage included(including mall and ex-press)
Density of passenger traffic(i. e., passengers carriedone mile per mile of road)
Average number of passen-ger cars per train mile_ _
Average number of passen- 'gers per train mile
Average number of milesone passenger carried
$1.454,203 86$1.17
CtS. 1.95$1.09
$1.28
$6,422,952 73 -4392,533 47
103,483 43 +18,623 1614,666 51 +997 83
$6,541,102 67 --$372,912 48
$1,670,80584 -4216,601 98$1.29 --$0.12
eta. --0.10eta. 2.05$1.09
$1.30 --$0.02
$4,481 73 $4,827 05
181,791 183,911
6.25 6.00
55 52
60 63
-$345 32
-2,120
-.25
+3
-3
Oranntercial TimmCOMMERCIAL EPITOME.
Friday Night, March 19 1909.Trade still waits on tariff revision, and meantime, too,
some depression in the iron and copper trades is not withouta certain moral effect. It is hoped, however, that when therevision of the tariff has been accomplished, general tradewill receive a beneficial stimulus. Prices as a rule arc prettywell sustained. Railroad traffic much better than a year ago.LARD has declined at times, in spite of an upward ten-
dency in the price of hogs at Chicago. Profit-taking hasaccounted for the setbacks as much as anything, though itis also noticeable that the receipts of hogs at Western pointsdo not show quite so marked a decrease as compared withthe large figures of last year. Occasional declines in grainhave also not been without their effect. Prime Western10.55c., City 10.25c., refined Continent 10.70c., SouthAmerican 11.50c., Brazil, in kegs, 12.50c.DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
so far as many descriptions are concerned, but some improve-ment in trade has taken place here and there in fillers andbinders. Such improvement, however, does not appear tobe general. Yet prices, it is argued, are down to compara-tively low basis, a basis at any rate low enough, it is con-tended, sooner or later to stimulate trade, especially asmanufacturers, it is believed, are carrying relatively smallsupplies. A large proportion of the new crop, aside fromPennsylvania and Ohio, has been absorbed. Ohio is veryfirmly held, but the quality does not seem to attract buyers.Cuban, though steady, sells but slowly. The usual trade inSumatra is in progress.COPPER has declined under pressure of increased offer-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
170 THE CHRONICLE oL.
COTTON.Friday Night, March 19 1909.
THE MOVEMENT OF THE CROP as indicated by ourtelegrams from the South to-night is given below. For theweek ending this evening the total receipts have reached95,195 bales, against 126,759 bales last week and 150,074bales the previous week, making the total receipts sincethe 1st of September 1908 8,412,653 bales, against 7,136,851bales for the same period of 1907, showing an increase sinceSept. 1 1908 of 1,275,803 bales.
The exports for the week ending this evening reach a totalof 92,623 bales, of which 33,905 were to Great Britain,10,642 to France and 48,076 to the rest of the Continent.Below are the exports for the week and since Sept. 1 1908:
•Exportsfrom-
Week ending Mch. 19 1909.Exported to-
From Sept. 1 1908 to Mch. 19 1909.Exported to-
GreatBritain.Fence.
Cant I-nerd. Total.
GreatBritain. France
Conti-nent. Total.
Galveston _____Port
Arthur-Corp.Chris.,&c. New Orleans__Mobile PensacolaGulfport Savannah Brunswick_Charleston..Wilmington__ _ Norfolk Newport News
_ New York_ _Boston Baltimore Pthladelphla Portland, Me_ San Francisco_ Seattle Tacoma Portland, Ore_ Pembina Detroit
In addition to above exports, our telegrams to-night alsogive us the following amounts of cotton on shipboard, notcleared at the ports named. We add similar figures forNew York.
Cotton has declined, and the trading has been anythingbut animated. Texas has had beneficial rains, and in itssouthwest portion the drought is said to have been broken.Trade has been quiet, it is stated, in yarns, and talk of cur-tailment of production is heard from North Carolina. FallRiver has been sluggish. Little attention has generallybeen paid to reports of excessive rains in the eastern sectionof the belt or of floods in Alabama. The belief of many,founded apparently on letters and telegrams from the South',
iis that n Texas and elsewhere there will be no decrease in thearea planted. Much lower prices for fertilizers than those ofa year ago are reported from Georgia. Spot markets havedeclined, coincident with reports of increased offerings atthe South. Some have sold "futures" in the expectationof a ginners' report on Saturday which will show large figures.Large spot interests are supposed to have liquidated con-siderable of their holdings. The South and Liverpool haveat times been sellers. Some reports in regard to trade inGreat Britain, Germany and France have been unfavorable.The agitation of tariff revision and the uncertainty as to itseffects on general trade when completed, particularly in theiron and steel business, has not been without a certain in-fluence. Liverpool has apparently been more or less in-fluenced, too, by the alarmist reports about the danger ofserious
i complications between Austria and Servia and a de-
cline n British consols, which seem to give such rumorssome sort of color for the moment. Many of the "longs"have become discouraged and sold their holdings. Suchsellers
i have included, it is understood, some interests promi-
nent p the trade as well as a scattered clientele among thecommission houses. Wall Street houses have also sold, and
iit s said that the sellers have included some people in Chi-cago. The most depressing factors have been the reporteddulness and depression in the spot markets, the stagnationin speculation, the occurrence of beneficial rains in Texas,and a fear that the Census Bureau's ginning report of Satur-day, March 20, would be bearish. Disappointment, too, atthe failure of general trade to revive, as it was supposed itwould with the opening of the year 1909, has also been amore or less potent factor. To-clay there was a small ad-vance on covering of shorts, some Liverpool buying andmore or less buying by commission houses. There was lessselling pressure both here and in Liverpool. The AtlanticStates, particularly Georgia, are complaining of the effectsof recent heavy rains. Wall Street people are disposed tobuy on a scale down. Some well-known spot interests wereunderstood to be selling July and October on the advance.Prominent people are in some cases believed to be inimicalto a rise at this time, but many other members of the tradeare disposed to buy on the setbacks in prices. Also, therewas some talk to-day to the effect that the ginning reportof to-morrow may, after all, be more or less bullish. It hasbeen a week of light trading and as a rule of slight fluctuations,though on one day prices broke sharply under the pressureof long liquidation and other selling. The predictions onto-morrow's ginning report are generally 13,300,000 to 13,-400,000 bales, excluding linters. Spot cotton has been quietand middling upland declined to 9.65c., rallying to-day,however, to 9.70c.The rates on and off middling, as established Nov. 18 1908
by the Revision Committee, at which grades other thanmiddling may be delivered on contract are as follows:Fair c 1.50 on Middling c Basis Good mid. ting d_c_ EvenStrict mid. falr____1.30 on Strict low mid 0.30 off Strict mid, tinged_0.20 offMiddling fair 110 on Low middling 1.00 oft Middling tinged...A.30 offStrict good mid__0.66 on Strict good ord-1.50 off Strict low mid. ting.1.00 offGood middling ..Q.44 on Good ordinary. - - .2.50 oft Low mid. tinged... .2.25 offStrict middling _..0.22 on Strict g'd mid.tgd.0.35 on Middling stained...1.00 offThe official quotation for middling upland cotton in the
New York market each day for the past week has been:Mch. 13 to Mch. 19- Sat. Mon. Tues, Wed. Thurs. Fri.
II .. .. .1 .. .001 .. .. .. .1 .._,.. ;...ca ;..il ,,, 6;64 e.s 1 W Wk
I@ TZ T@ T@ TO TO N TO T@ T@ T@ T@mm mm m moo m m mm m mm m moo
II il;E: kk kl '7,11.' '41 i::1 l'e=.1 CO k'4 kl '0000
Friday,
March 19.
IV cek
II 1. I. II I. II I. I. I. I. I. I.b b ;.. •;-. to to to W
00 CO . 4. CO 0
1(0 I f0 1(0 1(0 1(0 10 le I@ II I@ I@ I@m m m m 00 0 W W
II to 1'4 II CO II 04 lh I'V, Cs II liA,
THE VISIBLE SUPPLY OF COTTON to-night, as madeup by cable and telegraph, is as follows. Foreign stocks,as well as the afloat, are this week's returns, and conse-quently all foreign figures are brought down to Thursdayevening. But to make the total the complete figuresfor to-night (Friday), we add the item of exports fromthe United States, including in it the exports of Fridayonly.March 19-
Stock at Liverpool bales.]Stock at London Stock at Manchester
1009.,407,000
8,00085,000
Total Great Britain stock 1,500,000Stock at }lambing 14,000Stock at Bremen 444.000Stock at Havre 343,000Stock at Marseilles 4,000Stock at Barcelona 46,000Stock at Genoa 38,000Stock at Trieste 2,000
Total European stocks 2,391,000 2,066,000 2,197,000India cotton afloat for Europe_ _ _ 182,000 130,000 163,000American cotton alit. for Europe_ 423,483 349,548 478,926Egypt,Brazil,&c.,ailt.for Europe_ 52,000 25,000 54,000Stock In Alexandria, Egypt 299,000 234,000 215,000Stock in Bombay, India 497,000 641,000 724,000Stock in U. S. ports 669.106 597,114 1,052,668Stock in U. S. interior towns 697,642 506,124 512,820U. S. exports to-day 21,787 5,697 5,882
Total visible supply 5,233,018 4,554,783 5,403,296 6,793,644Of the above, totals of Ame,ican and other descriptions are as follows:American-
Liverpool stock bales.1,297,000 988,000 1,098,000 995,000Manchester stock 69,000Continental stock 851,000
68,000784,000
65,000827,000
54,000622,000
American afloat for Europe 423,463 349,548 478,926 302,981U. S. port stocks 669,106 597,114 1,052,668 776,249U.S. Interior stocks 697,642 506,424 512,820 543,270U. S. exports to-day 21,787 5,697 5,882 13,144
Total American 4,029,018 3,298,783 4,040,296 3,306,644East Indian, Brazil, &c.-
Liverpool stock 110,000 124,000 118,000 128,000London stock 8,000 13,000 9,000 10,000Manchester stock 16,000 12,000 11,000 12,000Continental stock 40,000 77,000 69,000 50,000India afloat for Europe 182,000 130,000 163,000 107,000Egypt, Brazil, &c., afloat 52,000 25,000 54,000 32,000Stock in Alexandria, Egypt 299,000 234,000 '215,000 181,000Stock in Bombay, India 497,000 641,000 724,000 967,000
Total East India, &c 1,204,000 3,298,000 1,363,000 1,487,000Total American. 4,029,018 4,554,783 4,040,296 3,306,644
Total visible supply 5,233,018 4,554,783 5,403,296 4,793,644Middling Upland, Liverpool 4.97d. 5.86d. 6.01d. 6.00d.Middling Upland, New York_ _ 9.70c. 10.68c. 11.10c. 11.65c.Egypt, Good Brown, Liverpool 8 5-16d. 8 13-16d.12 11-16d. 9 13-16d.Peruvian, Rough Good, Liverpool 7.75d. 10.35d. 9.65d. 8.75d.Broach, Pine, Liverpool 4 546d. 5 7-16d. 5 9-16d. 5 11-16d.Tinnevelly, Good, Liverpool_ 4%d. 5 Hd. 5%d. 5d.
Continental imports for the past week have. been 58,000bales.The above figures for 1909 show a decrease from7last
week of 127,079 bales, a gain of 678,235 bales over 1908,a decrease of 170,278 bales from 1907, and a gain of 439,374bales over 1906.
AT THE INTERIOR TOWNS the movement-that is,the receipts for the week and since Sept. 1, the shipmentsfor the week and the stocks to-night, and the same items forthe corresponding period for the previous year-is set outin detail below.'
NO to 0.0002000.00.0.0.1-.00 40 0414N 0440001sm,...,,,,,,floycwoov.4.4000400004.4000040000,0-10.,t0.000m04>.w.p.w06wee0'.m00o.mwo00&m.m...1
la ...Cr,A.is.
. .N 4 ..... ...4.. 4. N
.0 . ..400 44004000N0.4 0000004.00myN
tvlr. ,p.",a*o.olo:b .c..c.-.7700 la 7),C,-.C7,:t-O e..'o, 'MO. "ol.fola lc -01.B.C.,oc,,,amot.wwo-a.c..cocowowomo.&.c.catvo.p.wwcw.0000040.00.40.004.00.000NC404000044400
..11CO
loODA
__-
0, 0 0 O.. . . N.. N. .
j,..01 N. .0..00NON4.00:400.040.V.0.0 .040.000. ai0Ca.A.C.30ts3.0004.00,1ca C.C.4,101C.4 tO Co tv Cata...1e0tv0.0000001.14.000000000004o,P•4000..00=tv1-'tv0.4-qtvCAN420.
The above totals show that the interior stocks have de-creased during the week 23,711 bales and are to-night 191,208bales more than at the same time last year. The receiptsat all the towns has been 10,739 bales less than the sameweek last year.OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showingthe overland movement for the week and since Sept. 1, asmade up from telegraphic reports Friday night. Theresults for the week and since Sept. 1 in the last two yearsare as follows: •
----1908-09---- ----1907-08----March 19- Since Since
Shipped- Week. Sept. 1. '1 Week. Sept. 1.Via St. Louis 11.004 526,137 10,108 327,076Via Cairo 3,509 273,156 6,233 153,303Via Rock Island 1,242 26,873 ; 1,123 26,428Via Louisville 1,748 64,611 751 41,033Via Cincinnati 936 37,888 2,392 35,130Via Virginia points 1,043 151,853 2,481 73,147Via other routes, &c 4,027 230,301 3,986 192,684
Total gross overland 23,509 1,310,619 27,074 848,801Deduct shipments-
Overland to N. Y., Boston, ecc_ - 1,289 116,487 2,345 83,484Between interior towns 287 38,398 518 58,054Inland, &c., from South 1,002 29,677 1,100 48.727
Total to be deducted 2,578 184,560 3,963 188,265
Leaving total net overland • 20,931 1,126,259 23,111 660,536
• Including movement by rail to Canada.
The foregoing shows the week's net overland movementhas been 20,931 bales, against 23,111 bales for the weeklast year, and that for the season to date the aggregatenet overland exhibits an excess over a year ago of 465,723bales.
/n Sight and Spinners'Takings.
-----1908-09-----Since
Week. Sept. 1.
-----1907-08
Week.Since
Sept. 1Receipts at ports to March 19_ _ _ _ 95,195 8,412,653 90,038 7,136,851Net overland to March 19 20.931 1,126,259 23,111 660,536Southern consumption to Mch. 19a 49,000 1,304,000 43,000 1,370,000
Total marketed 165,126 10,842,912 156,149 9,167,389Interior stocks in excess *23.711 583,627 *6,703 425,841
Came into sight during week_ __ _141,415 149,446 Total in sight March 19 11,426,539 9,593,228
North, spinners' takings to Mch. 19 52,145 2,177,516 38,705 1,308,278
a These figures are not the takings by Southern mills, but are estimatesof consumption based on information received from time to time diningthe season and revised, If necessary, when complete returns are receivedat season's close. Reports from various sections of the South indicate that'takings by the mills have thus far this season been appreciably heavier thanduring the corresponding period a year ago, but actual or approximatedata is not obtainable.• Decrease during week.Movement into sight in previous years:Week- Bales. Since Sept- 1- Bales.
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772 THE CHRONICLE [VOL Lxxxvm.
WORLD'S SUPPLY AND TAKINGS OF COTTON.-The following brief but comprehensive statement indicatesat a glance the world's supply of cotton for the week and sinceSept. 1, for the last two seasons, from all sources from whichstatistics are obtainable, also the takings, or amounts goneout of sight, for the like period.
Cotton Takings.Week and Season.
1908-09. 1907-08.
Week. Season. Week. Season.
Visible supply March 12 5,360.097 4,657,641Visible supply Sept. 1 1,714,982 2,291,844American in sight to March 19.. _ 141,415 11,426.539 149,446 9,593,228.Bombay receipts to March 62,000 1,400,000 57,000 1,383,000:Other India ship'ts to March 18 15,000 160,000 10,000 140,000!Alexandria receipts to March 17 15,000 841,000 10,000 866,000.Other supply to March 17 • 155,000 1,000 191,000
Total supply 5,593,512 15,697,521 4,885,087 14,465,072'
• Deduct-Visible supply March 19 5,233,018 5,233,018 4,554,783 4,554,783
Total takings to March 19 360,494 10,464,503-
330,304 9,9.10,289Of which American 287,494 8,374,503 250,304 7,630,289Of which other 73,000 2,090,000 80,000 2,280,000.
•Embraces receipts to Europe from Brazil, Smyrna, West Indies, ttc.
EGYPT AND ITS INCREASING COTTON PRODUC-TION.-In our editorial columns to-day will be found anarticle under the above caption.
-A practical manual for those trading in the Liverpoolcotton market has been issued by Mr. Auguste Bruckert ofLiverpool under the title "Cotton Pamphlet." In it he ex-plains the various methods of trading and market customs,gives specimens of transactions which help to make theseclear, such as the statement and invoice which pass in thecase of a conversion of futures into actual cotton and thestatement of charges involved in taking up a tender. Thebook will be found of much value by the spinner, manufac-turer and operator trading in the Liverpool cotton market.
QUOTATIONS FOR MIDDLING COTTON AT OTHERMARKETS.-Below are the closing quotations of middlingcotton at Southern and other principal cotton markets foreach day of the week.
NEW ORLEANS OPTION MARKET.-The highest,lowest and closing quotations for leading options in the NewOrleans cotton market for the past week have been as follows:
WEATHER REPORTS BY TELEGRAPH.-Our tele-graphic reports from the South this evening denote thatrain has fallen in most sections during the week, but thaton the whole the precipitation has been moderate and inTexas generally light. Farm work has therefore madebetter progress. The Mississippi River however, continuesat a high stage and rising. In Alabama the water is graduallyreceding from flooded lowlands except along the lower Tom-bigbee River, where a further rise is predicted.
Galveston, Texas.-It has rained on two days of the week,the rainfall reaching eighty-four hundredths of an inch.The thermometer has ranged from 42 to 70, averaging 56.
Abilene, Texas.-Rain has fallen on one day of the week,the rainfall being one hundredth of an inch. Average ther-mometer 55, highest 82, lowest 28.Corpus Christi, Texas.-We have had rain on two days of
the week, the precipitation reaching five hundredths of aninch. The thermometer has averaged 58, the highest being78 and. the lowest 42.
Fort Worth, Texas.-There has been rain on one day duringthe week, to the extent of one hundredth of an inch. Thethermometer has averaged 58, ranging from 34 to 82.
Palestine, Texas.-It has rained on one day of the week,the rainfall reaching three hundredths of an inch. Thethermometer has ranged from 34 to 74, averaging 54.San Antonio, Texas .-Rain has fallen on one day during
the week, the rainfall being three hundredths of an inch.Average thermometer 59, highest 80, lowest 38.
Taylor, Texas.-We have had rain on one day of the week,the precipitation reaching •forty-two hundredths of an inch.The thermometer has averaged 57, the highest being 80 andthe lowest 34.New Orleans, Louisiana.-There has been rain on one day
during the week, to the extent of two inches and twelve hun-dredths. The thermometer has averaged 60.
Shreveport, Louisiana.-It has rained on three days ofthe week, the rainfall reaching one inch and
m ninety-four.
hundredths. The thermometer has ranged from 36 to 74,averaging 55.
Vicksburg, Mississippi.-Rain has fallen on three daysduring the week, the rainfall being two inches and fifty-fourhundredths. Average thermometer 54, highest 73, low-est 36.
Helena, Arkansas.-Farm work is now progressing. Theriver is 47 feet on the gauge, or 5 feet below high-water mark,but rising. We have had rain on two days of the week, theprecipitation reaching forty-four hundredths of an inch.Indications for more rain. The thermometer has averaged42.3, the highest being 70 and the lowest 34.
Memphis, Tennessee.-The river is 38.2 feet on the gauge,or 5.2 feet above the flood stage, and rising. It has rainedon two days of the week, the rainfall reaching seven hun-dredths of an inch. The thermometer has ranged from33.8 to 70, averaging 49.Selma, Alabama.-It has rained on three days of the week,
the rainfall reaching two inches and twenty-five hundredths.The thermometer has ranged from 32 to 78, averaging 51.5.
Mobile, Alabama.-Lowlands along rivers are flooded,but the waters are now falling except along the lower Tom-bigbee, which is 24 feet above the flood stage, and an addi-tional rise of 3 feet is forecasted. We have had rain on twodays of the week, the precipitation reaching eighty-eighthundredths of an inch. The thermometer has averaged 59,the highest being 74 and the lowest 38.
Montgomery, Alabama.-Rivers are still overflowingplantations, but now falling slowly. We have had rain onfour days of the week, the rainfall being four inches andseventy-two hundredths. The thermometer has averaged54, ranging from 34 to 78.
Madison, Florida.-There has been one shower the pastweek. The thermometer has averaged 56, ranging from40 to 80.
Augusta, Georgia.-There has been rain on four days duringthe week, the precipitation being three inches and fourteenhundredths. The thermometer has averaged 52, the highestbeing 65 and the lowest 33.Savannah, Georgia.-There has been rain on three days
during the week, to the extent of sixty-one hundredths ofan inch. The thermometer has averaged 59, ranging from42 to 79.
Charleston, South Carolina.-It has rained on three daysof the week, the rainfall reaching one inch and sixty-sevenhundredths. The thermometer has ranged from 42 to 74,averaging 58.
Greenwood, South Carolina.-Rain has fallen on four daysof the week, the rainfall being two inches and twenty-twohundredths. Average thermometer 47, highest 56, low-est 38.riStateburg, South Carolina.-We have had rain on threedays of the week, the precipitation reaching one inch andfourteen hundredths. The thermometer has averaged 53,the highest being 70 and the lowest 33.
Charlotte, North Carolina.-We have had rain on two daysof Oheyweek, the rainfall being forty-five hundredths of aninch. The thermometer has averaged 47, ranging from32 to 57.
Little Rock, Arkansas.-Rain has fallen on one day duringthe week, the rainfall being four hundredths of an inch.Average thermometer 52, highest 72, lowest 32.
• The following statement we have also received by tele-graph, showing the height of rivers at the points named at8 a. m. of the dates given:
Mch. 19 1909,Feet
Mch. 20 1908.Feet.
New Orleans Above zero of gauge- 15.8 16.8Memphis Above zero of gauge- 38.2 34.9Nashville Above zero of gauge- 21.8 15.8Shreveport Above zero of gauge- 6.9 8.9Vicksburg Above zero of gauge.. 46.0 45.4
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MAR. 20 1909.) THE CHRONICLE 773
INDIA COTTON MOVEMENT FROM ALL PORTS.-
The receipts of cotton at Bombay and the shipments from all
India ports for the week and for the season from Sept. 1 for
three years have been as follows:
March 18.
Receipts at-
Bombay
1908-09.
SinceWeek. I Sept. 1.
62,000,1,400,000
1907-08. 1906-07.
SinceWeek. I Sept. 1.57,00011,383.000
SinceWeek. I Sept. 1.
-123,000 1,771,000
Exports from-
,
For the Week. Since September 1.
GreatBritain.
Conti-nent. Total.
GreatBritain.
Bombay-1908-09 1907-08 1906-07
Calcutta-1908-09 1907-08 1906-07
Madras-1908-09 1907-08 1906-07
All others-1908-09 1907-08 1906-07
Total all-1908-09 1907-08 1906-07
1,000
3-0566
2,000
11,00011,00019,000
3,0001,0007,000
1,000
10,0009,0003,000
3,000 24,00021,000
3,000 30,000
12,00011,00022,000
3,0001,0007,000
1,000
12,0009,0003,000
27,00021,00033,000
17,00015,00030,000
4,0003,0004,000
3,0004,0002,000
11,0009,0007,000
35,00031,00043.000
Conti-nent.--
381,000353,000593,000
25,00010,00066,000
15,00025,00019,000
102,00089,00061,000
523,000477,000739,000
Total.
398,000368,000623,000
29,00013,00070,000
18,00029,00021,000
113,00098,00068,000
558,000508,000782,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
.4 lexandria, Egypt,March 17.
Receipts (cantars)-This week Since Sept. 1
1908-09.
115,0008,311,015
1907-08. 1906-07.
80,0006,497,277
75,0006,687,884
Exports (balcs)-This SinceWeek. Sept. 1.
To Liverpool To Manchester To Continent To America
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
MANCHESTER MARKET.-Our report received bycable to-night from Manchester states that the market iseazy for yarns and quiet for shirtings. Manufactueersare generally complaining. We give the prices for to-daybelow and leave those for previous weeks of this and last
exports of cotton from the United States the past week havereached 92,623 bales. The shipments in detail, as madeup from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Havre-March 15-Guatemala, 55 foreign_ _ _March 16-Alf, 191 upland. 162 Sea Island 408
d. d. d.92 88 883492 88 883492 88 8893 % 89% 9095 91 929654 9234 935493 % 89 % 9190 M 87 88%88 % 85% 86 %87 83 M 8586 82)484853481)4 8334
d.90%90%9091%933495%923490%885487868534
BREADSTUFFS.Friday Night, March 19 1909.
Flour has shown no activity. On the contrary, trade in
most grades has been distinctly quiet. It is said, too, that
at the West and Northwest the sales have been generallysmall. Jobbers complain of a slim demand from retailers.Some prefer to buy from hand to mouth until the big wheatdeal in the May option is liquidated. Holders maintain thatthe situation is sound, owing to what they regard as thefirmness of the cash-wheat situation. Latterly flour hasbeen quiet but steady. Stocks on the Pacific Coast are saidto be light.Wheat has declined, in spite of determined efforts to sus-
tain the price, and in spite, too, of some features which haveappeared to favor the believers in higher quotations. Euro-
pean markets have, on the whole, been firm. Argentinashipments for the week will show, it is estimated, a sharp
falling off. Receipts at the interior markets of this country
have been much smaller than those of a year ago. North-western receipts have been comparatively small, and thestock at Minneapolis has steadily decreased. With threeexceptions, wheat and flour stocks at the West are the small-
est in ten years. Stocks in the United Kingdom are muchsmaller than a year ago, being only 65,600,000 bushels,against 96,300,000 bushels at this time last year, while twoyears ago they were 87,200,000 bushels. Roumania's cropis 20,000,000 bushels smaller than the preliminary estimate.At times Budapest prices have advanced sharply and Britishconsols have fallen, owing to fears of serious trouble betweenAustria and Servia. This also has tended to advance pricesin other European markets as well as on this side of thewater. Also, there was at one time a better export demand
at the West and Northwest, including Winnipeg. Some
have contended that the estimated sharp decrease in theArgentina shipments this week would be the beginning of asteady diminution of such shipments. Bulls still insist that
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774 THE CHRONICLE [VOL.the sheet anchor of the market on this side of the water isthe domestic cash situation. It must be confessed, too, thatalthough the fluctuations of prices have now and then beenviolent, sharp rallies have quickly followed sudden andmarked declines, and that the net loss has been comparativelysmall. Yet constant support has been necessary. Specu-lation has at times been sluggish. The weather of theWest has been, on the whole, favorable, and crop advicescheerful. Many experienced people consider the price un-warrantably high. Selling of the July option has been heavy.An increase in the European supply for the week of 2,140,000bushels sent the total up to 82,970,000 bushels, a fact whichof itself has caused selling. The visible supply in this coun-try increased last week 3,088,000 bushels, as against an actualincrease for the same week last year of 783,000 bushels.Russian crop news is cheerful, and arrivals at Southwesternmarkets are increasing and are supposed to indicate liberalinterior reserve supplies. Powerful interests, however, arestill arranged on the bull side, and the outcome of the Maydeal is awaited with a good deal of interest. To-day pricesreceded both here• and in Liverpool, mainly because of un-expectedly liberal exports from Argentina and Australia.The total from Argentina thus far this year is 48,362,000bushels (including 4,848,000 the past week), against 57,842,-000 during the same time in 1908.DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
May delivery In elevator 21 1203% 119% 1193% 12011334 1123% 111% 111 % 1123% 111%
July delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.Sat. Mon. Tues. Wed. Thurs. Fri.May delivery in elevator 11734 11634 115% 11534 11834 116105% 104% 104 104 104% 103%
July delivery in elevator September delivery in elevator_ _ _ _ 98 % 983% 973% 97% 98 97 %
Indian corn has declined on the promise of better weatherand a larger movement of the crop and some sympathy withwheat. Moreover, the Liverpool market has latterly beendeclining, and large operators have vigorously attacked pricesat the West, with the knowledge that a large interior orcountry "long" interest existed and with the hope of dis-lodging it. Some overselling, however, has resulted.. Thebears have stood in their own light. Besides the exportdemand has latterly increased. Some leading houses atChicago, if they have sold July aggressively, have boughtMay. The resistance of the May option has been a feature.It has helped to prevent cash prices from being forced to alower level than they have actually reached. Within a dayor two, moreover, the country offerings at Chicago havedecreased, owing partly to threatening weather. Therecent drought in the Southwest may have caused a moderatedecrease in the acreage. The Western receipts are compara-tively small. Elevator people have endeavored to forceprices downward and with a period of clear weather it isexpected that receipts will increase and prices recede. To-day prices advanced at first but declined later, owing toliquidation and bear attacks at Chicago. Cash prices then,however, were higher, owing partly to predictions of wetweather following rains reported to-day.DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.Cash corn May delivery in elevator July delivery in elevator September delivery in elevator_ __
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.Sat. Mon. Tues. Wed. Thurs. Fri.May delivery in elevator 68'% 673% 67 66 6634 663%July delivery in elevator 67 % 67 % 67 6534 66 6534September delivery in elevator_ _ _ _ 673% 67 % 6636 65'% 6534 653%
Oats have fallen, partly owing to general long liquidationand partly to heavy selling by cash houses at the West.Also they have been affected by the depression at times onother grain. Bears enlarge a good deal, too, on the factthat Argentine oats are being steadily imported. At thesame time the receipts of domestic oats at Western pointshave been small and over-confident short selling has led toan over-crowding of that side of the market. Quick rallieshave latterly occurred. It is believed, however, that farmreserves are very !arse, that prices are too high and that,what with the likelihood of a big resultant acreage andArgentine competition in this country itself, the tendencyof prices must be downward. The cash trade has been light.To-day prices advanced, then reacted. They are 3 centslower at Chicago than the recent high level.
DAILY CLOSING PRICES OF OATS IN NEW YORK.Sat. Mon. Tues. Wed. Thurs. Fri.
GRAIN.Wheat, per bush.- Corn, per bush.-N. Duluth, No. 1 125 No. 2 mixed el. 75N. Duluth, No. 2Red winter. No. 2
123el 122 %
No. 2 yellow No. 3 7334
72Hard " " 12534 Rye, per bush.-Oats, per bush.- No. 2 Western to.b.88cNat. white,26 to 281bs 573% @583% State and Jersey Nominal.No. 2 white White clipped
59343460573% ® 61%
Barley-Malting Feeding. c. I. I. N. Y
75 07872 @74(3
The statement of the movement of breadstuffs to marketindicated below are prepared by us from figures collected bythe New York Produce Exchange. The receipts at Westernlake and river ports for the week ending last Saturday andsince August 1 for each of the last three years have been:
Receipts at-
Chicago _Milwaukee__Duluth Minneapolis_Toledo Detroit Cleveland St. Louis Peoria Kansas City.
Bushels. I Bushels.56,560,000 2,805,00057,600,000 2,720,00058,880,000 2,040,000
Continent.
Bushels.2,040,0002,550,0003,720,000
Bushels.4,845,000,5,270,0005,760,000-
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Li- 20 1909.J THE CIIRONICLE
The visible supply of grain, comprising the stocks ingranary at principal points of accumulation at lake andseaboard ports March 13 1909 was as follows:
AMERICAN GRAIN STOCKS.Wheat, Corn, Oats,bus/s. bush, bush,
Rye,bush.
Barleybush
New York 985,000 91,000 690,000 48,600 261,000" afloat 121,000
New York, Friday Night, March 19 1909.Naturally, the all-absorbing topic in the textile trades
during the week has been the new tariff bill. The resumeof the tariff, which was sent out simultaneously with theintroduction of the bill in the House of Representatives onWednesday, and upon which the trade based its first opinion,was very incomplete and misleading, especially as regardsthe provisions affecting textiles. Careful perusal of the full
text of the measure has caused somewhat of a shock to dry
goods interests generally, for instead of relatively few and
moderate changes in the textile schedules, as at first ap-
peared, it developed that radical changes had been made
which the digest made no mention of. Briefly stated, the
bill, among other provisions, changes the method of "count-
ing" cotton cloths for tariff purposes, which, it is claimed,will materially increase the duty on such goods; a duty of1c. a yard is proposed on mercerized fabrics and lappets,instead of 1% as was at first indicated; it was thought thatthe silk schedules had not been altered, but many importantchanges therein have just been discovered. The extent ofthe proposed duties on hosiery was a distinct surprise tohandlers of such goods, while the new provisions coveringyarns, linens, raw wool, &c., caused not a little concern tothose interested. The discovery of these and other unex-pected features of the bill, together with uncertainty overthe final outcome, has served to create much unsettlementwhich will probably continue until the matter is definitelysettled. In the cotton goods division trade generally hasbeen quiet, some lines moving more freely than others, as inthe preceding week. The primary market for cottons showedlittle activity, with an easier tendency noted in gray goods.Jobbers continued to do a fair business on wash fabrics andsome other domestics, but buying has been of the conserva-tive sort. Quite a substantial volume of business has beenput through for China account within the east ten days orso, but demand is now reported less active; trade withmiscellaneous ports has been relatively quiet. Few, if any,new features have developed in men's wear or dress goods.DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending March 13 were 6,288packages valued at $315,335, their destination being tothe points specified in the tables below:
The value of these New York exports since Jan. 1 hasbeen $3,651,077 in 1909, against $2,277,990 in 1908.Some lines of bleached goods, especially the medium and
high grades, have continued in fair demand, with urgentrequests for deliveries; the low end, however, is dull andrather soft in places. The call for prints, notably from theWest, has improved and become more general, while therehas been no abatement in the demand for ginghams, whichrule strong. Wash fabrics have met with a ready sale,particularly novelties and fancies, purchases being chiefly insuch goods as percales, batistes with border effects, andcrinkled and mercerized fabrics. Linings have been fairlyactive, especially mohairs and alpacas, on which mills aresaid to have booked a satisfactory amount of orders; there issome talk of advances on duplicate business. Sales ofsheetings and drills to China recently are estimated at about35,000 bales, the 3-yard sheetings being on the basis of6 1-3c. with the usual discount, or unchanged from thebasis reported last week. The print cloth market has ruledquiet, with an easier tone; regulars are 'quoted at 3 7-16c.,nominal, while standard wide goods are lower at 43,-ic. to4%c.
WOOLEN GOODS.-Quietness prevails in men's wear; afew duplicate orders have been received for worsted suitingsfor fall, but not much business of this nature is expecteduntil sample pieces, now being delivered, reach clothiers.Demand for spring lines has been well maintained, particu-larly for medium grades. A noteworthy feature of themen's wear market is that cancellations on heavy-weightsso far, it is stated, have not been large. Dress goods havebeen less active. Jobbers and cutters-up have completedinitial purchases of worsteds, but a moderate amount ofbusiness is still being done by mills which were late inseeking fall trade, and fair orders are being sent in by roadsalesmen. An advance of from 23 to 5 cents a yard hasbeen announced by a large Worsted producer on any addi-tional orders for fall. Unfinished worsteds have been inactive demand from cutters.
FOREIGN DRY GOODS.-Imported worsteds andwoolens have been comparatively quiet, so far as new busi-ness is concerned, owing largely to uncertainty regardingthe tariff. Linens have continued in active request andstrong, with considerable talk of further advances shortly.Trade in burlaps has been of fair proportions, prices remain-ing unchanged.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goodsat this port for the week ending March 13 1909 and sinceJan. 1 1909, and for the corresponding periods of last year,are as follows:
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
'nu THE
ST7 AND CITY DITM11-1YIENT,MUNICIPAL BOND SALES IN FEBRUARY.
We present herewith our detailed list of the municipal bondissues put out during the month of February, which thecrowded condition of our columns prevented our publishingat the usual time.The review of the month's sales was given on page 639 of
the "Chronicle" of March 6. Since then several belatedFebruary returns have been received, changing the total forthe month to $17,715,429. The number of municipalitiesissuing bonds was 177 and the number of separate issues 222.
FEBRUARY BOND SALES.
Page. Name. Rate. Maturity.640__Allenhurst, N. J 5461_ _Altoona. Pa 5393_ _Altoona School District, Pa_ __ _ 4 1939393_ _Amsterdam, N. Y 3.75 1929&1939461_ _ Augusta. Me 4 1934461_ _ Augusta, Me 4 1909-1918699_ _Barnard School District, Kan 43 1913 1924578_ _Bartholomew County, Ind 4% 1909-1918393_ _ Bergen County, N. J 4 1914-1938578_ _Binghamton, N. Y 4 1912640_ _ Blacksburg, So. Caro. (3 issues) 5 1929518_ _Blakely, Pa 454 1919579_ _Boone County, Ind 4 % 1910-1919461_ _Bowbells, No. Dak 6 1929840_ _Brownstown, Pa 393_ _Buffalo, N. Y 4 1959398. _Buffalo, N. Y 4 1910-1919640_ _ Buffalo, N. Y 4 1914699__Butte, Mont 1919640_ _Byesville, Ohio 5 1911-1935778_ _Central School District, Mo_ 5 41914-1929518_ _Clarksville, Tenn 43 41919-1929579_ _Clayton, N. Y 4 1910-1927461_ _Cleburne, Tex 5 41929-1949640_ _Cleveland, Tenn 5 1914-1944579_ _Clinton County, Ind 43- 1909-1918579_ _Clinton County, N. Y 4 1910-1924640_ _Clovis, New Mexico 6 1939461_ _College Hill, Ohio 4 1929518__Corning, N. Y 5 1910-1915779_ _Corsicana, Tex 4 41917-1947580_ _Covington, Ky 5 1910-1919580_ _Darke County. Ohio 5 1910-1912$80_ _Davenport, Iowa 4 1910-1929580_ _Daviess Uounty, Ind 43 19094918580....Depew School District, Okla.__461.. _ Dunmore. Pa 43394 __East Liverpool Sch. Dist., Ohio 4$80...Englewood, Colo 700.... Erick, Okla 6 1934640... _Euclid, Ohio 4 % 1910-1919580_ _Eugene Sch. Dist. No. 4, Ore 5 41919-1929518,_ _Farmer Twp. Sch. Dist., Ohio 43 1910-1916700_ _Fergus Co. Sch. Dist. No.8,Mont 6 (11914-1916640.. ..Fort Worth, Tex 4) 41928-1948640_ _Fort Worth, Tex 4 % 41928-1948481_ _Franklin School District, Ind_641_ _Giles County, Tenn •394_ _Glens Falls, N. Y 43 482_ _Gloucester. City, N. J 4 % 1929462_ _Gloucester, Mass 4 1909-1918468. _Gloucester, Mass 4 1909-1918304_ _Gloversville, N Y 4 % 1910-1914641_ _Grand View, Ind 5 1910-1920394_ _Greene County, N. Y_ 4 1921-1928518. _Greensboro, No. Caro 5 1939580.. _Greenville, Ohio 4 1910-1934700.. ..Guadalupe County, Tex 4 41914-1939519.. _Haddonfield Sch. Dist., N. J_580_ _Hamilton County, Ind. (3 iss.). 4% 1909-1918700_ _Hannibal, Mo 4 41914-1929482_ _Hardin County, Ohio 5 1910-1914462_ _Harris County, Tex 4 41919-1949580.._ Harris County, Tex 482.. ..Harrison County, Ind 5519.. Henderson County. Tenn 4 % 581_ _Hendricks Co., Ind. (2 issues)__ 4 % 1909-1918519_ _Herkimer, N Y 4.10 1910-1919519_ _Ismay Sch. Dist. No. 8, Mont.... 5% 41914-1919581_ _Jackson, Minn 4 1929519„Jackson, Ohio (3 issues) 4 1913-1915641_ _Johnstown, N Y 4 % 641...Kankakee County. Ill 4 1916-1930581_ _Keokuk County, Iowa 4 41914-1919581_ _ King Co. S. D. No. 153, Wash.... 43 41914-1929395_ _Lancaster School District. Pa.._ 4 1936-1938701__Lawton School District, Ohio.... 5 1929701__Lee County, Tex 5 41923-1928462_ _Le Moyne, Pa 4) 581_ _Lenox, Tenn 5519_ _Lexington, Ky 488. _Logan County, Ohio 4 1916-1925519...Lorain School District, Ohio...... 4 3i 641_ _Luverne, Ala. 5 41919-1929641_ _Mabton. Wash 5 1929462.. _McKinney, Tex 581._ Madison County. N. Y 4 1920581_ _Madisonville,.Ohlo 5 1910-1919701_ _Madisonville, Ohio 6 1909-1913581_ _Mamaroneck, N. Y 4 1914-1933462_ _Marion, Ohio 4 1915395_ _Maryland 3 % 41919-1924
468. _Matagorda County, Tex 4 d1919-1949463.. Memphis Ind. Sch. Dist., Mo.... 5 41914-1929395.. _Memphis, Tenn 6519_ _Middletown, Ohio (2 issues) .. __ _ 4. 1910-1919463_ _Minco, Okla 6 1929463_ _Mineral Wells, Tex. (2 issues) 5 41929-1949708. _Minnesota (10 issues) 4 Various519_ _Mitchell, Neb 6 41914-1929519.. _Modesto School District, Cal 5 1919-1934520...Montclair, N. J 582...Montclair. N. J 4642.. _Montgomery County, Ohio 4%588. _Mooers, N. Y 5702....Moorhead, Miss 6582_ _Moulton Township, Ohio 6398. _Mt. Gilead, Ohio (4 issues) 5520_ _Mt. Vernon. N. Y 4 %520_ _Murdo, So. Dak 5396_ New Bern, No. Caro 5642_ _New York City 3642.... New York City 4708. ..Oxford, Miss 5463.._Pana Sch. Dist. No. 4, Ili 4 %520.. _Park Rapids, Minn 4 1924520_ _Park Rapids, Minn. (3 Issues). 6
Page. Name. Rate. Maturity.582_ _Patterson Special Sch. Dist., 0.. 43 1911-1922463_ _Pawhuska, Okla 5 41919-1934520_ _Peru, Ind 33 1920-1929520....Plne Bluff Levee S.D.No.3,Ark. 6 1929582_ _Pomeroy, Ohio 5 1909-1919463...Port of New Orleans, La 5520.. _Portsmouth. Ohio 4 1910-1919463_ _Quincy, Wash 5 1929583 _ _ Rhode Island 3% 1959583_ Rhode Island 3 % 1939463_ _ Rockport, Ohio 4 % 1938583_ Rock Springs S. D. No. 4. Wyo_ 5 41919-1934521_ _ Rocky River, Ohio (7 issues) _ _ _ 5 1909-1918521_ _ Rome Union Free S. D., N. Y 4521._ Rosebud, Tex 5 41919-1949583_ _ Rye, N. Y 3.85 1919-1958583.. ..Saginaw County, Mich 4 1910-1919397_ _St. Matthews S. D., So. Caro..583.. ..St. Paul, Minn 4-583_ _Salem, Mass 33464_San Francisco, Cal. (6 issues) _ _ 5583_ _Santa Barbara, Cal 43 1909-1948643 _ _Sausalito. Cal 5 1910-1949464.. _Seneca Falls, N. Y 4 1910-1914643....Shawnee, Okla. (3 issues) 5 1929583_ _Spokane, Wash 4 % 1929521_ _Spooner, Minn. (2 issues) 6 1924521.._Spray, Ore 6 1919704_ _Springs Sch. Dist. No. 4, N.Y.... 43 1911-1928583.. ..Stamford, Conn 4 1939397.. ..Stillwater S. D. No. 16, Okla.._ 5 1929397_ _Struthers School District, Ohio.. 43 1926-1937583...Sussex County, Va 43 41919-1939521_ _Sycamore School District, Ill 4. 1910-1920583 . _Tipton County, Ind. (3 issues). 4 % 1909-1918704_ _Traverse City, Mich. (2 issues)_ 4 g 1929464 _ _Travis County, Texas 4 1914-1949397_ _Trenton, N J 4 1939583 _ _Trumbull Co. Road D. No. 1, 0.. 5 1923-1933705_ _Tucumcari Sch. Dist., N.Mex._ 6 41919-1939643_ _Tuscaloosa, Ala 5 1937521 _Twin Falls, Idaho (2 issues)........ 6 41919-1929397_ _Ulster County, N.Y 43 1910-1932584_ _Union County, Ohio 5585„Utica. N. Y 4585„Utica, N. Y 43705...Versailles, Pa 5585 __Wahoo, Neb 5397_ Warren County, Miss 5397.. ..Warren County, Miss 5585_ _Washington, Ind 4585_ Washington County, Ind 43585_ Washington Township, Ohio...... 5464.. Watts, Cal. (2 issues) 5 1910-1949522_ Waukegan Twp. S D., Ill 4 -1010-1929522_ Wauseon, Ohio 45 1910-1919523_ Webster, N. Y 3.95 523_ Wellsville, N. I' 4.15 1910-1934643_ Wenatchee, Wash 5 1924585_ _Wenatchee Sch. Dist., Wash..... 4 41910-1929585_ Willets, Cal 5 1910-1939644_ Yakima Co. S. D. No. 49, Wash 5465_ Yonkers, N. Y 4 1910-1919
Total bond sales for February 1909 (177 municipali-ties covering 222 separate issues) k$17,715,420
a Average date of maturity. d Subject to call in and after the earlieryear and mature in the later year. k Not including $30,661,000 of tem-porary loans nor $3,000,000 Porto Rico loan, reported, and which do notbelong in the list. z Taken by slnklng fund as an investment. y Andother considerations.
BONDS SOLD BY CANADIANPage. Name. Rate.588_ _ Arroyo S. D. No. 1980, Sask..... 6)466_ _Asquith, Sask 8524.. Aylmer, Que 4 %586_ _Bernardine Sch. DLst., Sask. __ _ 7.644_ _Brandon, Man 4%644...Brandon, Man. (2 issues) 5465_ _Brickburn School Dist., Man_.. 6524_ _Calgary, Alberta 4;.707.. _Carmichael School Dist., Sask.._ 8524...Chamberlain Sch. Dist., Sask._ 7707 __Crescent Heights Sch. D., Alta_ 6524_ _Echo Lake S. D. No. 2108, Sask.586.. _Eden Valley Sch. Dist., Sask.__ 6485_ _Edmonton, Alberta 4 % 1524_Edmore S. D. No. 2179, Sask._ 7524.. .Emerald Hill S.D.No.2182,Sask. 6 1919644-Ft. William, Ont. (13 issues)._ 4)586_ _Fox S. D. No. 2211, Sask 6 1919586- Frultvale Sch. Dist., Sask 7 1919465__Gananoque, Ont 5 1929485__Goderich, Ont 5 1939465....Graton Roman Catholic School
District No. 13, Sask 5 19104939780_ _Halleybury, Ont. (5 issues) _ _ _ _ 5586Halleybury, Ont 468_ _Hale School District, Sask 6 1919524__Hallfax, N. S 4 1940
465...Kelleher Sch. Dist., Alberta 6 1919466.. ..Leader School District, Sask 6 1919446_ _Le Ross School District, Sask_ 6 1919645_ Listowell, Ont 43. 1929399_ _London, Ont 4% 1914-1918645_ _Lock Ayr School Dist., Sask-586_ _Lunnville School Dist., Sask 65 1919586_ _McNab Twp., Ont. (3 issues) _ -.. 4 A 19104929586.. ..Medicine Hat, Alberta 5 1929-1939465_ _Minnedosa Sch. Dist., Man 5 1929587_ _Moncton, N. B 4 % 1949587_ _Moreland School Dist., Sask 6 1919525_ _Mosa Township, Ont 5 1916309__Niagara Falls, Ont. (3 issues) 5 1910-1929645.. ..Nokomis, Sask 6 1929587__North Vancouver, B. C 5465...Notre Dame de Grace, Que- - -
443A 19 1 1949-1929525_0rangeville, Ont 486_0xbow, Sask 6525__Palmerston, Ont 5 '1910)-19939525_ _Portage la Prairie, Man 5 1949587__Pt. Arthur, Ont. (11 issues) - - - 5 1929&1939525__Port Hope, Ont 43 1910-1049587_ Quinton School District, Sask- 6% 1919587... Richmond, Que 4% 587_ Richmond, Que 645_ _St. Boniface S. D. No. 1188,Man 5 1910-1929587_ St. Boniface, Man 5 1939645.. St. Hyacinthe, Quo 4 1949525_ Sarnia, Ont 5 1909-1918466_ Sarnia. Ont 5 1910-.1919466_ Saskatoon, Sask 5 1939645_ Selkirk. Man 5 1959468_ Shelburne, Ont 5 1910-1929587__Shelby School District, Sask.-- 1019587....Simcoe, Ont. (3 issues) 645_ _stgnanrd Schnol District. Sask.. 7 1910-1019645-Strathcoaa; Alta 5 1049
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MAR. 20 1909.1 TIIE CHRONICLE '777
Page. Name. Rate.466.._Sudbury, Ont 5486_ _Swan River, Man 6707_ _Sydney Mines, N. S 434466_ _Vancouver North, B. C 5
Maturity.1910-1929
192419281959
587_ _Verag School District, Sask_ _ _ _ 8 1919587-Wadena, Sask 6 1919468_ _Walkerville Sch. Dist., Sask._ 734 1919466_ _Waterloo, Ont. (5 issues) 525.. _Westminster S.D.No.1848,Alta.587_ _Wetaskiwin, Alberta 5 1939525__Wetaskiwin, Alberta 5 1959466_ _Weyburn. Sask 5 1939525....Whiteberry S.D.No.2139,Sask_ 6 1910-1919587_ _Wolseley. Sask 534 1910-1924486:Yale School District, Alberta 6 1919466.. Aiellow, Grass, Sask 7 1939466_ _York Township, Ont 5 1929
Amount. Price.
19,0006,000
25,00015,0001,2003,8501,500
29,8051,00015,000
105,000 101.00930,0001,500 98.333
18,0001,800
20,0002,000 107.26 '
Total $2,757,370
REVISED TOTALS FOR PREVIOUS MONTHS.
The following items included in our totals for previousmonths should be eliminated from the same. We give thepage number of the issue of our paper in which the reasonsfor these eliminations may be found.Page. Name of Municipality.519__Lexington, Ky. (December list)581_ _Mecklenburg County, Va. (November list) 781_ _Milton School District, Ore. (January list) 642_ _ North Hempstead, N. Y. (April list) 643__Tusealoosa, Ala. (August list) 643_ _Winter High School District, Cal. (August list)
WO have also learned of the following additional sales for
481_ _ Ann Arbor, Mich. (Nov.) 4 1909-1912 $10,129 100578_ _Ashland, Ore. (Dec.) (2 Issues)- 434 77,500579_ _Carbon Co. S. D. No. 34, Mont_ 6 d1919-1929 700 100
461_ _Chattooga County, Ga 5 1910-1930 55,000 106.10
461_ _Cleveland, Ohio .(Dec.) 4 1920 140,000 x100518_ _Cornish Sch. Dist. No. 14, Okla_ 6 1929 7,990461_ _Eagle Pass S. D., Texas (Dec.) _ 5 30,000 100518.._Ellisburg Union Free School Dis-
trict No. 25, N. Y. (Oct.) - - - - 434 1,800 100461_ _Fergus Co. S. D. No. 18, Mont_ 6 11916-1919 1,200 100580_ _Fergus Co. S. D. No. 55, Mont_ 6 1913 1,920 100518_ _Gallatin County. Mont 434 1929 35,000 103.53462__Green Island, N. Y 4 1922 2,000 100462 __Greenville County, So. Caro_ _ _ 5 1933 55,000 110.068482_ _Hamburg Sch. Dist. No. 7, N.Y. 5 1910-1925 8,700 100519_ _Herrin, IIL (2 issues) 434 1910-1919 5,500 100.472519_ _Highland Park S. D. No. 5, Va.. 5 d1914-1939 30,000 101.003519_ _Huntingdon, Pa 4 1910-1927 10,000 100519_ _Jackson, Mich 4 1928-1929 40,000 101.025641.. _Lamont, Iowa (Dec.) 5 1928 25,000 104.30581_ _Lawrence County, So. Dak 5 d1917-1927 150,000 100.073641_ _Lehi, Utah 5 d1918-1928 20,500 100702__Medina County, Ohio 5 1910-1916 1,875 101.12463 __Minnesota (10 issues) 4 Various 80,200 100642_ _Moundridge, Kan. (2 issues) _ _ _ 434 d1914-1929 28,500 100483 _ _Nebraska (6 issues) 434,5&6 Various 45,975 Various702_ _North Dakota (15 issues) 4 Various 36,300 100463_ _Okmulgee, Okla. (4 issues) _ _ _ 5 1929 100,000 100520_Piqua Sch. Dist., Ohio (Dec.) 434 1910-1912 11,000 101.09520_ _ Red Lake Falls, Minn 534 1918 .5,000 100523__Wilton, N. Y 5 1920-1924 4,584 108
All the above sales (except as indicated) are for January.These additional January issues will make the total sales(not including temporary loans) for that month $25,084,403.Additional sales and eliminations for 1908 make the revisedtotal for the year $313,797,549.
Amount. $25,000
60,00035,00025,00075,00030,000
News Items.Carthage, Jasper County, Mo.-Bonds Declared Valid by
State Supreme Court.-The State Supreme Court on March 9handed down a decision upholding the validity of the $220,-000 5% gold coupon water-works bonds mention of whichwas made in V. 88, p. 319. The Court, it is said, sustainsthe validity of the issue on every point and orders a perempt-ory writ upon the State Auditor to register the bonds.
Helena, Mont.-Injunction Issued in Water-Works Case.-Judge Hunt of the Federal Court has granted the applicationof the Helena Water Works Co. for an injunction to restrainthe city from installing a municipal system. V. 87, p. 1674.The Court holds that inasmuch as the sale of $600,000 bondsin November was made subject to the approval of JudgeDillon, it was conditional and therefore void. An appealfrom this ruling has been taken to the Federal Court at SanFrancisco and in the meantime the city is offering the issueat public sale, proposals to be received until May 1. Seeitem under head of Helena, Mont., on a subsequent page.
Kansas.-Legislature Adjourns.-The Legislature of thisState adjourned at 6 p. m. on March 13.Oklahoma.-Legislature Adjourns.-The Legislature ad-
journed at midnight on March 12.Oregon.-Bill Providing for Tax Exemption of Municipal
Bonds Vetoed by Governor.-The following bill passed by theLegislature and providing for the exemption from taxationof all municipal bonds has been vetoed by the Governor.Be it enacted by the People of the .State of Oregon:
Section 1. All bonds heretofore issued, or which may be hereafter Issuedby the State of Oregon, or any county, precinct, town, city, school district'or other municipality within said State, shall be free and exempt fromtaxation.
Texas .-Legislature Adjourns-Extra Session.-In accord-ance with the resolution previously adopted (V. 88, p. 698),the Legislature of this State ended its regular session for1909 on March 13. Two hours after adjournment the Legis-lature re-convened in special session upon the call of theGovernor, who submitted a number of subjects for legisla-tion. One of the recommendations made by GovernorCampbell is "the prompt establishment of an effectivesystem for the guaranty of the deposits of State banks ofTexas under the supervision and control of the State."Washington.-Legislature Adjourns.-The Legislature of
this State adjourned shortly after midnight on March 11.
Bond Calls and Redemptions.Denver, Colo.-Bond Call.-The following bonds have
been called for payment on March 31:STORM SEWER BONDS.
Sub. Dist. No.10 of the Capitol Hill Storm Sewer Dist. No. 1, Bond No.16.South Capitol Hill Storm Sewer Dist. No. 1, Bonds Nos. 33 and 34.
SANITARY SEWER BONDS.East Side Sanitary Sewer Dist. No. 1, Bonds Nos. 16 to 20 inclusive.West Colfax Ave. Special Sanitary Sewer Dist., Bond No. 20.
SIDE-WALK BONDS.
Central Side-Walk Dist., Bonds Nos. 15 to 73 inclusive t f,.Side-Walk Dist. No. 10, Bonds Nos. 94 to 109 inclusive.Side-Walk Dist. No. 12. Bond No. 52.
IMPROVEMENT BONDS.
Capitol Hill Improvement Dist. No, 1, Bonds Nos. 156 to 180 inclusive.Capitol Hill Improvement Dist. No. 2, Bonds Nos. 94 to 126 inclusive.Capitol Hill Improvement Dist. No. 3, Bonds Nos. 100 to 139 inclusive.East Capitol Hill Improvement Dist. No. 1, Bonds Nos. 59 to 66, inclusiveEast Denver Improvement Dist. No. 2, Bonds Nos. 6 to 68 inclusive.Eighteenth Ave. Improvement Dist. No. 1, Bond No. 54.Highlands Improvement Dist. No. 1. Bond No. 33.Mountview Improvement Dist. No. 1, Bonds Nos. 39 to 42 inclusive.North Side Improvement Dist. No. 1, Bonds Nos. 1 to 14 inclusive.North Side Improvement Dist. No. 2, Bonds No. 1 to 10 inclusive.Ogden St. Improvement Dist. No. 1; Bond No. 13.South Side Improvement Dist. No. 1, Bonds Nos. 32 to 35 inclusive.West Denver Improvement Dist. No. 1, Bonds Nos. 83 to 85 inclusive.
PAVING BONDS.Lawrence St. Paving Dist. No. 1, Bonds Nos. 3 and 4.Water St. and W. 23d Ave. Paving Dist. No. 1, Bond No. 38.Welton St. Paving Dist. No. 1, Bond No. 29.
VIADUCT BONDS.Fourteenth St. Viaduct Dist. Bonds Nos. 776 and 777.
Upon the request of the holders of any of the above bondsreceived 10 days before the expiration of this call, the CityTreasurer will arrange for their payment at the MercantileTrust Co., New York City, but not otherwise.Henry County (P. 0. Clinton), Mo.-Bond Call.-This
county called for payment March 1 4% refunding bondsNos. 56 to 96 inclusive and dated Oct. 11897. Denomina-tion $1,000.Holden, Mo.-Bond Call.-Payment will be made on
April 1 at the National Bank of Commerce in St. Louis ofelectric-light bonds Nos. 17 and 18, issued in 1897.La Belle Township, Lewis County, Mo.-Bond Call.-
Call was made for payment on March 6 of 4% funding bondsNos. 1 to 9 inclusive. They are in denomination of $500and are dated July 1 1899.Reading, Berks County, Pa.-Bond Call.-Payment will
be made on April 1 at the City Treasurer's office of $200,000refunding loan of April 1 1888 bonds. The securities arenumbered from 1 to 200 inclusive.Warren County (P. 0. Bowling Green), Ky.-Bond Call.-
Reports state that the Fiscal Court has ordered that pay-ment be made on April 1 of $15,000 turnpike bonds.
Bond Proposals and Negotiations this weekhave bean as follows:Abilene School District (P. 0. Abilene), Taylor County,
Tex.-Bonds Voted.-It is reported that $40,000 schoolbonds were voted on March 3.
Adams County (P. 0. West Union), Ohio.-Bond Offering.-Proposals will be received until 12 m. April 6 by S. S.Jones, County Auditor, for $14,000 4% coupon fundingbonds. Authority Section 2834a, Ohio Laws, Vol. 93, page233. Denomination $500. Interest semi-annually at theoffice of the County Treasurer in Adams County. MaturityMarch 1 1929.
Adamstown, Lancaster County, Pa.-Bonds Defeated.-The $10,000 water-works bonds mentioned in V. 88, p. 461,were defeated by a vote of 40 "for" to 100 "against" at theelection held Feb. 16.
Alameda School District (P. 0. Alameda), AlamedaCounty, Cal.-Bond Election Proposed.-Reports state thatthe Board of Education intends to petition the City Councilto call an election to vote on propositions to issue the follow-ing bonds: $100,000 for a new building to replace the presentHaight School building; $70,000 for a school-house atEighth St. and Santa Clara Ave. and for additions to thePorter and Wilson School building; and $65,000 for theaddition of a technical department to the high school.
Allegheny County (P. 0. Pittsburgh), Pa.-Bond Sale.-On March 19 the $1,000,000 4% 30-year coupon road-improvement bonds described in last week's "Chronicle"
were awarded to Mason, Lewis :& Co. of Chicago at102.1711-a basis of about 3.878%.
Alliance, Boxbutte County, Neb.-Bond 0/f erin .-Pro-posals will be received until April 30 for $45,000 5% sewerbonds. Authority, vote of 296 "for" to 38 "against" atelection held March 9. Maturity twenty years, subject tocall after five years.
Alliance, Stark County, Ohio.-Bond Offering.-Proposalswill be received until 12 in. March 25 by Chas. 0. Silver,City Auditor, for $9,500 4 9% (not 4% as at first reported)bridge bonds. Denomination $500. Date April 10 1909.Interest semi-annually at the office of the City Treasurer.Maturity April 10 1929. Purchaser to furnish blank bondsat his own expense. Bids to be made on blank forms fur-
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778 TIIE CHRONICLE [VoL. Lxxxvm.
nished by the City Auditor and accompanied by a certifiedcheck on a national or State bank for 5% of bonds bid for,payable to the City Treasurer.Almeda Drainage District, Harris County, Tex.-Bonds
Authorized.-At a meeting of the County Commissioners'Court held March 10 the issuance of $200,000 drainage bondswas authorized.Ardmore School District (P. 0. Ardmore), Carter County,
Okla.-Bond Election.-This district will vote on March 23on propositions to issue $100,000 bonds to build a highschool and $60,000 bonds to repay money borrowed fromthe 'city of Ardmore to build schools and purchase sites.
Arenzville School District (P. 0. Arenzville), Cass County,111.-Bonds Voted.-Of a total of 33 votes cast at an electionheld March 13, only one was against the issuance of $5,301)4% school-building bonds due 1924. Interest semi-annual.Date of offering not yet determined.Ashtabula County (P. 0. Jefferson), Ohio.-Bond Offering.-Proposals will be received until 1 p. m. March 22 by
P. C. Remick, County Auditor, for $34,000 432% couponhighway-improvement bonds. Denomination $500. DateMarch 1 1909. Interest semi-annually at the office of theCounty Treasurer in Jefferson. Maturity $3,500 yearly onMarch 1 from 1910 to 1981 inclusive and $2,500 on March 11919. Certified check for $500, payable to P. C. Remick,County Auditor, is required.
Barberton School District (P. 0. Barberton), SummitCounty, Ohio.-Bond Sale.-The $16,000 432% couponschool-building bonds described in V. 88, p. 578, were soldon March 15 to the Rudolph Kleybolte Co. Inc., of Cin-cinnati at 106.12 and accrued interest. The followingproposals were received:R. Kleybolte Co. Inc-Cin$16 .979Seasongood & Mayer, Cm,. '17,507
2000
Hoehler & Cummings, Tol.$16,805 75Western-German Bk., Cin. 16,805 00Barto, Scott & Co., Colum 16,971 50 S. Kuhn & Sons, Cin 16,784 00Somerset Bank, Somerset_ 16,944 00 First Nat. Bank, Cleve 16,784 00Davies-Bertram Co., Cin_ 16,883 00 C. E. Denison & Co., Cleve 16,731 25Otis & Hough, Cleveland_ 16,877 00 New First Nat. Bk., Coium 16,716 25Well. Roth & Co., an_ ___ 16,858 00 Cleveland Tr. Co., Cleve 16,660 80Hayden,Miller & Co. ,Cleve 16,828 00 McCoy Fc Co., Chicago_ _ _ 16,650 00Scour. S. B. & Tr. Co.,Tol. 16,826 00 W. J. Hayes & Sons, Cleve 16,104 17Union S. B. & Tr. Co., Cin 16,825 00
' Bid said to contain an error; therefore rejected.
Maturity on Sept. 1 as follows: $500 yearly from 1910 to1917 inclusive and $1,000 yearly from 1918 to 1929 inclusive.Baudette Independent School District No. 111 (P. 0.
Baudette), Beltrami County, Minn.-Bond Sale .-On Mar. 12the Wells & Dickey, Co. of Minneapolis purchased $6,5005% 14-year building bonds at 102.046. Purchasers to fur-nish blank bonds. Following are the bids:Wells & Dickey Co., Minn__ _a$6,633 'Chas. H. Coffin, Chicago__ __a$6,566
S. A. Kean, Chicago 06,500a And furnish blank bonds. b Less $325 for blank bonds.Denomination $500 and $1,000. Date Jan. 1 1909.
Interest semi-annual.Bennettsville, Marlboro County, So. Caro.-Bonds Pro-
posed.-This town proposes to issue $10,000 bonds for theimprovement of streets and for the extension of sewerage andwater-works.Bethlehem, Northampton County, Pa.-Bonds Author-
ized.-The Borough Council recently passed an ordinanceproviding for the issuance of $15,000 4% 15-30-year (op-tional) coupon refunding water-extension-loan bonds. De-nomination $100. Interest April 1 and Oct. 1 at the BoroughTreasurer's office. Bonds are exempt from all State taxes.
Bettsville, Ohio.-Bond Offering.-Proposals will be re-ceived until 12 m. March 23 by E. Koester, Village Clerk,for $1,200 5% fire-engine bonds. Authority Section 2835,Revised Statutes. Denomination $300. Date March 261909. Interest semi-annually at the Village Clerk's office.Maturity $300 on Sept. 1 in each of the years 1910, 1911,1912 and 1913. Certified check for $100, payable to theVillage Clerk, is required. Bonds to be delivered not laterthan March 26 1909.
Blythe School District, Riverside County, Cal.-BondElection.-According to reports, a proposition to issue $2,800bonds will be submitted to a vote of the people on March 30.
Boonville School District No. 1 (P. 0. Boonville), OneidaCounty, N. Y.-Bond Election.-An election will be heldApril 3 to vote on the question of issuing $40,000 school-building bonds.
Bridgeville, Allegheny County, Pa.-Bonds Voted.-At aspecial election held March 16, $23,000 paving bonds wereauthorized by a vote of 192 "for" to 59 "against."Brunswick Township (P. 0. Brunswick), Medina County,
Qhio.-Bond Sale.-On March 15 Hayden, Miller & Co. ofCleveland were awarded the $8,000 5% coupon road-improvement bonds described in V. 88, p. 699, at 109.862and accrued interest. Following are the bids:Hayden, Miller & Co.,Clev_$8,789 00 First Nat. Bank, Cleveland $8,669 00Say. Dep. Bank Co-Medina 8,737 00 Well, Roth & Co., Cinc_ ___ 8,665 00
1
Seasonqood & Mayer, Cin__ 8,713 90 Otis & Hough, Cleveland__ 8,662 00C. E. Denison & Co., Clev__ 8,681 00 New First Nat. Bk., Column. 8,656 75Sec. Say. Bk. to Tr. Co.,Tol. 8,671 00 W. J. Hayes & Sons. Clev__ 8,562 40Maturity part each six months from Aug. 20 1919 toFeb. 20 1925 inclusive.Brown County (P. 0. New Ulm), Minn.-Bond Sale.-
On March 9 the $65,000 6% 5-9-year (serial) ditch-con-struction bonds described in V. 88, p. 579, were awarded toC. E. Denison & Co. of Cleveland at1100.861 for 432s.Following are the bids:
Chicago _ Security Tr. Co., St. Pau1.666,365Security Svgs. Bank tolTrust Co., Toledo__ _5
Chas. H. Coffin, ChicagoMcCoy to Co., Chicago_Farwell Trust Co., Chleagoc69,526S. A. Kean, Chicago__W. J. Hayes & Sons, Clev.c68,315F. B. Hitchcock & Co.,lChicago
Herman Russell, N. Y
666,715 50666,560 00
566,551 00c69,751 00
00065,775 00c68,750 00665,651 00c70,575 00
00c68,510 00
00c66,325 00
c65,073 00
a For 4 %s. b For 5s.
Buffalo, N. Y.-Certificate Issue.-The issuance of a$1,000 4% certificate of indebtedness to construct a footbridge has been authorized. Under the terms of the ordin-ance the certificate is to be taken at par by the City Comp-troller in trust for the Hertel Avenue Outlet Sewer SinkingFund. Date March 15 1909. Principal and interest arepayable July 1 1910 at the City Comptroller's office.Buncombe County (P. 0. Asheville), No. Car.-Bond Sale.
-On March 8 the $125,000 43% 30-year coupon fundingbonds described in V. 88, p. 579, were awarded to theFifth-Third National Bank of Cincinnati at 104.30 andaccrued interest-a basis of about 4.246%.
Butler Township (P. 0. Butler), Butler County, Pa.--Bond Offering.-George R. White, Township Treasurer, isoffering for sale $8,000 432% road-improvement bonds.Interest semi-annual. Denomination $500.
Caldwell County (P. 0. Lockhart), Tex.-Bond Election.-The proposition to issue the $50,000 good road bondsmentioned in V. 87, p. 1436, will be submitted to a vote otthe people, it is reported, on April 24.Calhoun County (P. 0. Anniston), Ala.-Bond Election
Proposed.-The Board of County Commissioners is consider-ing the advisability of calling an election to ascertain whethetor not the voters are in favor of issuing $200,000 public-roa d-improvement bonds.
California.-Bonds Authorized by Legislature.-The Legis-lature has passed the bill providing for a bond issue of$18,000,000 for a system of State highways.Cameron School District (P. 0. Cameron), Calhoun
County, So. Caro.-Bond Election.-According to reportsan election will be held March 22 to allow the voters todetermine whether or not bonds shall be issued to erect aschool house.Camp Hill, Tallapoosa County, Ala.-Bond Election.-
Reports state that the Town Council have decided to call anelection for the purpose of issuing bonds for electric lights.Cape Girardeau County (P. 0. Jackson), Mo.-Bond Sale.
-This county, it is stated, has awarded $48,000 4% court-house bonds to the Harris Trust & Savings Bank of Chicago.
Capitol Heights, Ala.-Bonds Proposed.-This townproposes to issue $25,000 school-house bonds.
Capitol Hill, Oklahoma County, Okla.-Bonds Voted.-According to reports, the issuance of $150,000 sewer andwater-works-system bonds was favorably voted upon at arecent election.
Cardington, Morrow County, Ohio.-Bond Sale.-An issueof $5,000 4 11-15-year (serial) bonds has been disposedof to F. P. Hills, Cashier Delaware Savings Bank Co. ofDelaware, at 105. Denomination $1,000. Date Nov. 11908. Interest semi-annual.()arson School District, Glenn County, Cal.-Bond
Election .-A proposition to issue $4,000 school-buildingbonds will be submitted to a vote of the people, it is stated,on March 29.
Centralia School District (P. 0. Centralia), Boone County,Mo.-Bond Sale.-On Feb. 12 $25,000 5% school bondswere awarded to the Mercantile Trust Co., of St. Louis, at101.80. Purchaser also to pay accrued interest and furnishblank bonds. This is on a basis of about 4.60%. De-nomination $1,000. Date March 1 1909. Interest semi-annual. Maturity March 1 1929, subject to call afterMarch 11914.Chandler, Lincoln County, Okla.-Bonds Voted.-The
proposition to issue the $25,000 5% 25-year sewer bondsmentioned in V. 88, p. 579, was favorably voted uponMarch 9.Chattanooga, Tenn.-Bonds Authorized.-The City Coun-
cil on March 12 passed an ordinance providing for the issu-ance of $125,000 refunding sewer bonds.
Cheviot, Hamilton County, Ohio.-Bond Ofiering.-Pro-posals will be received until 12 m. to-day (March 20) by Chas.Craig, Village Clerk, for the following 5% coupon street-improvement assessment bonds:,$5,400 Applegate Avenue improvement bonds. Denomination $540.
Certified check for $275, payable to the Village Treasurer, is re-quired.
4,125 Darwin Avenue improvement' bonds. Denomination $,112 50.Certified check for $205, payable to the Village Treasurer, is re-quired.
1,710 Carrie Avenue improvement bonds. Denomination $171. Certi-fied check for $100, payable to the Village Treasurer, is required.
Authority Section 1536-281, Revised Statutes of Ohio,Section 95 of the Municipal Code. Date March 20 1909.
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Interest annually at the First National Bank of Cheviot.Maturity part of each issue yearly on March 20 from 1910to 1919, inclusive. Purchaser to pay accrued interest.Chino City School District, San Bernardino County, Cal.-
Bond Offering.-Proposals will be received until 11 a. m.March 15 by the Board of Supervisors, Chas. Post, ex-officioClerk (P. O. San Bernardino), for $2,000 5% gold schoolbonds. Authority, vote of 260 "for" to 26 'against" atelection held Jan. 9. Denomination $500. Date Feb. 81909. Interest annually at the office of the County Treas-urer. Maturity $500 yearly on Feb. 8 from 1910 to 1913inclusive. Certified check or cash deposit for 5% of bid,payable to the Chairman of Board of Supervisors, is re-quired. Purchaser to pay accrued interest. This districthas no bonded debt at present. Assessed valuation $1,-155,549.Chino High School District, San Bernardino County, Cal.
-Bond Offering .-Proposals will be received until 11 a. m.March 15 by the Board of Supervisors, Chas. Post, ex-officioClerk (P. 0. San Bernardino), for $40,000 5% gold high-school bonds. Authority, vote of 255 "for" to 26 "against"at election held Jan. 9. Denomination $2,000. DateFeb. 8 1909. Interest annually at the office of the CountyTreasurer. Maturity $2,000 yearly on Feb. 8 from 1910to 1929 inclusive. Certified check or cash deposit for 5%of bid, payable to the Chairman of Board of Supervisors, isrequired. Purchaser to pay accrued interest. This districthas no bonded debt at present. Assessed valuation $1,-155,549.
Cleveland, Ohio.-Bond Offering.-Proposals will be re-ceived until 12 m. April 19 by Thomas Coughlin, City Audi-tor, for the following 5% coupon bonds:$76,000 street-improvement bonds. Maturity $38,000 on Nov. 1 in each
of the years 1910 and 1911.288.000 street-Improvement bonds. Maturity $72,000 on Nov. 1 In each
of the years from 1910 to 1913 Inclusive.
Denomination $1,000. Interest from May 1 1909, pay-able semi-annually at the American Exchange National Bankin New York City. Certified check on a national hank for5% of bonds bid for, payable to City Treasurer, is required.Bids must be made on blank forms furnished by the CityAuditor.
Clifton Springs, Ontario County, N. Y.-Bonds Defeated.-An election held March 16 resulted in the defeat of a propo-sition to issue $8,000 municipal light plant bonds. Thevote was 49 "for" to 60 "against."Corinth, Miss.-Bond Offering.-Further details are at
hand relative to the offering on April 1 of the $25,000 5%5-20-year (optional) coupon bonds mention of which wasmade in V. 88, p. 518. Proposals for these bonds will bereceived until 8 p. m. on that day by Benj. R. Warriner,CityClerk. The proceeds of the issue will be used for the follow-ing purposes: $8,000 for water-works and sewerage repairsand extensions, $8,000 for the liquidation of outstandingwarrants and $9,000 for street improvements. Date April 11909. Interest annual. Bid must be accompanied withcertified check for $250 for each lot of bonds or for $750with bids for the entire issue.Corsicana, Navarro County, Texas .-Bond Sale.-On
Feb. 17 the Sinking Fund purchased at par $10,000 of the$15,000 4% school-house bonds registered by the StateComptroller on Feb. 9. (V. 88, p. 579.) Denomination$1,000. Date Oct. 11907. Interest semi-annual. Matur-ity Oct. 1 1947, subject to call after Oct. 1 1917.
Corvallis School District (P. 0. Corvallis), Benton County,Ore.-Bonds Voted.-On March 8 this district, it is stated,authorized the issuance of $30,000 high-school-buildingbonds by a vote of 198 to 16.Crawford County Road District No. 1 (P. 0. Bucyrus),
Ohio.-Bond Sale.-The Commissioners of this county onMarch 16 awarded the $30,000 5% coupon road-improvementbonds offered on that day to Seasongood & Mayer of Cincin-nati for a premium of $3,309. Maturity on Sept. 1 in 1923and 1924. For a description of these bonds see V. 88, p. 700.
Crockett, Houston County, Tex.-Bids Rejected-BondOffering.-All bids received on March 15 for the $25,000 5%water-works bonds mentioned in V. 88, p. 115, were rejvcted.Proposals are again asked for these bonds and will be re-ceived until March 29 by C. L. Edmiston, Mayor. Author-ity, Article 486, Revised Statutes of 1895, and vote of 73"for" to 29 "against" at election held Nov. 28 1908. De-nomination $500. Date Jan. 1 1909. Interest annuallyon March 1. Maturity forty years, subject to call aftertwenty years. Certified check or cash for $500 is required.Cuyahoga County (P. 0. Cleveland), Ohio.-Bond Sale.-
Dispatches state that this county on March 17 awarded the$13,000 432% coupon Mastic Road Bridge bonds, describedon page 700 of the "Chronicle" for March 13 1909, to Hayden,Miller & Co. of Cleveland for a premium of $563. Maturity$1,000 yearly on Oct. 1 from 1910 to 1922 inclusive.Bond Offering.-Proposals will be received until 11 a. m.
March 24 by the Board of County Commissioners for the fol-lowing 43% coupon improvement bonds:$24.472 Columbia Road improvement assessment bonds. Maturity $1,472
on Oct. 1 1909 and $1,000 each six months from April 1 1910 toApril 1 1916 inclusive and $2,000 each six months from Oct. 1 1916to Oct. 1 1918 inclusive.
93,773 Columbia Road improvement (county's portion) bonds. Maturity;3,773 on April 11910. $5,000 yearly on Oct. 1 from 1910 to 1919Inclusive, 84,000 yearly on April 1 from 1911 to 1915 Inclusive, and35.000 yearly on April 1 from 1016 to 1919 inclusive.
Authority Section 4637-9, Revised Statutes of Ohio. DateApril 1 1909. Interest from Oct. 1 1909, payable semi-onnually at the office of the County Treasurer in Cleveland.Certified check for 10% of bonds bid for, payable to theCounty Treasurer, is required. Purchaser to pay accruedinterest.
Proposals will also be received until 11 a. m. April 7 byWm. F. Black, Clerk of Board of County Commissioners,for $667,000 4% coupon Mastic Road Bridge bonds. Author-ity, election held Nov. 3 1908, also Sections 871 and 872 ofRevised Statutes. Denomination $1,000. Date April 11909. Interest semi-annually at the County Treasurer'soffice. Maturity $35,000 yearly on Oct. 1 from 1910 to1926 inclusive and $36,000 on Oct. 1 in each of the years1927 and 1928. Certified check for 10% of bonds bid for,payable to the County Treasurer, is required. Purchaserto pay accrued interest.Bond Offering.-In addition to the above, proposals will
also be received until 11 a. in. March 27 by the Board ofCounty Commissioners for the following 4% couponEuclid Township Mayfield Road improvement bonds:$7,062 assessment bonds. Denomination $500. except one bond of $62.
Maturity on Oct. 1 as follows: $62 In 1909. $500 yearly from 1910to 1913 inclusive and $1,000 yearly from 1914 to 1918 Inclusive.
44,336 (county's portion) bonds. Denomination $1,000. except one bondof $336. Maturity $1,336 on April 1 1910; 32,000 each six monthsfrom Oct 1 1910 to April 1 1917. inclusive, and $3,000 each sixmonths from Oct. 1 1917 to Oct. 1 1919 inclusive.
Authority Sections 22b and 4637-9, Revised Statutes ofOhio, as amended by the General Assembly on May 9 1908.Date April 11909. Interest from Oct. 1 1909, payable semi-annually at the office of the County Treasurer in Cleveland.Certified check for 1% of bonds bid for, payable to the CountyTreasurer, is required. Bid must be unconditional. Pur-chaser to pay 8A:cured interest.
Proposals will also be received until 11 a. m. March 31 bythe Board of County Commissioners, William F. Black, Clerk,for the following 43/9% coupon Parma and Royalton town-ships York Road bonds:$26,450 assessmentgbonds. Denomination 31.000. except one bond of
3450. Maturity $450 on Oct. 1 1909: $1,000 each six monthsfrom April 1 1910 to Oct. 1 1915 inclusive and $2,000 each sixmonths from April 1 1916 to April 1 1919 Inclusive.
93,750 (county's portion) bonds. Denomination $1,000. except one bondof $750. Maturity $3,750 on April 1 1910; $4,000 each six monthsfrom Oct. 1 1910 to Oct. 1 1912 inclusive, and 85,000 each slxmonths from April 1 1913 to Oct. 1 1919 inclusive.
Authority Sections 22b and 4637-9, Revised Statutes,as amended by the General Assembly on May 9 1908. DateApril 1 1909. Interest semi-annually at the County Treas-urer's office. An unconditional certified check for 1% ofbonds bid for, made payable to the County Treasurer, isrequired. Accrued interest to be paid by purchaser. De-livery within ten days from the time of award.Decatur, Adams County, Ind.-Bond Sale.-Reports
state that the $12,000 4 coupon city-building bondsdescribed in V. 88, p. 700, were sold on March 16 to J. H.Sontag & Co. at 103.75. Maturity $1,000 yearly on Jan. 1from 1911 to 1922 inclusive.
De Funiak Springs, Walton County, Fla.-Bond Election.-An election will be held April 15 to vote on the questionof issuing the following 6% 20-year bonds: $12,000 for water-works, $8,000 for sewerage, $10,000 for electric lights and$5,000 for street and park improvements.
Delaware, Delaware County, Ohio.-Bond Offering .-Pro-posals will be received until 12 m. to-day (March 20) by F. D.King, City Auditor, for $31,727 47 5% coupon West WilliamStreet improvement assessment bonds. Denomination $500,except one bond for $727 47. Date not later than April 11909. Interest semi-annually at the depository of the sink-ing fund in Delaware. Maturity on March 1 as follows:$4,227 47 in 1910, $3,500 in 1911 and $3,000 yearly from1912 to 1919 inclusive. Purchaser to pay accrued interest.Delaware County (P. 0. Delaware), Ohio.-Bond Offering.
Proposals will be received until March 30 by the Board ofCounty Commissioners for the following 43/9% ditch bonds:$25,250 ditch bonds. Denominations $500 and $262 50. Maturity
$1,262 50 each six months from Sept. 1 1909 to March 1 1919
19.630 dinietcluhsive. bonds. Denominations $500 and $463. Maturity $1,963each six months from Sept. 1 1909 to March 1 1914.
Authority Sections 4480, 4481 and 4482 of the RevisedStatutes. Date March 1 1909. Interest semi-annually atthe office of the County Treasurer in Delaware. Certifiedcheck for $500 on a bank doing business in DelawareCounty, payable to A. S. Conklin, County Auditor, is re-quired.Des Moines School Distrct (P. 0. Des Moines), Iowa.-
Bond Offering.-Proposals will be received by John H.Hogan, Treasurer Board of Education, for the $200,000school-building bonds voted (V. 88, p. 700) on March 8.Rate of interest to be named in bid.Durham County (P. 0. Durham), No. Caro.-Bonds to Be
Offered Shortly.-The County Commissioners on March 16decided to advertise for bids for $150,000 4% funding bonds.Denomination $1,000.Duval County (P. 0. Jacksonville), Fla.-Bond Election.-
Local papers state that an election will be held to vote onthe question of issuing $1,000,000 good-road bonds.Elmore, Ottawa County, Ohio.-Bond Sale.-On March 15
$1,400 and $240 5% funding sewer bonds were sold, theformer -issues to W. R. Todd & Co. of Cincinnati at 106.071
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and the latter issue to Henry Croll of Genoa at 104.166.The following bids were received:
$1,400 $240Bonds. Bonds.
W. R. Todd & Co., Cincinnati $1,485 00 Henry Croll, Genoa_ $250 00Colonial Bank, Fremont 1,456 00 243 50First National Bank, Elmore 1,442 43 243 98Croghan Bank, Fremont 1,435 00 243 00Hayden, Miller & Co., Cleveland 1,422 75 Security Savings Bank & Trust Co., Toledo 1,415 00 Dresden National Bank, Dresden 1,413 25
Date March 1 1909. Interest annual.
Essex County (P. 0. Salem), Mass.-Note Sale.-OnMarch 15 the $400,000 temporary-loan notes described inlast week's issue, were awarded to the City National Bankof Gloucester at 3.04% discount and $11 premium.
Fillmore School District, Ventura County, Cal.-BondElection.-Reports state that a $9,000 bond election will beheld March 27.
Freeport, Nassau County, N. Y.-Bonds Voted.-The elec-tion held March 16 resulted in favor of propositions to issuethe following bonds:10,000 municipal-water-system-extension bonds. Vote was 274 "for"
to 126 "against."15,000 light-system-extension bonds. Vote was 263 "for" to 133 "against."
Maturity $1,000 of each issue yearly, beginning 1914.Fresno School District (P. 0. Fresno), Fresno County,
Cal.-Bond Election Proposed.-This district proposes tohold an election to vote on the question of issuing $150,0005% bonds maturing part yearly from five to twenty years.Fulton County (P. 0. Wauseon), Ohio.-Bond Offering .-
Proposals will he received until 11 a. m. March 22 by J. E.Merrill, County Auditor, for the following 43'% road-im-provement bonds:$19,000 road No. 59 bonds. Maturity $2,300 on Jan. 1 and $1,500 on
July 1 each year from 1911 to 1915 inclusive.8,000 road No. 58 bonds. Maturity $1,000 on Jan. 1 and $600 on July 1
each year from 1911 to 1915 inclusive.6,000 road No. 54 bonds. Maturity $600 each six months from Jan. 1
1911 to July 1 1915 inclusive.8,000 road No. 64 bonds. Maturity $1,000 on Jan. 1 and $600 on July 1
each year from 1911 to 1915 inclusive.
The above bonds are dated March 1 1909. Interest Jan. 1and July 1 at the office of the County Treasurer. Certifiedcheck or bank certificate for $200, payable to the CountyTreasurer, is required.
Gaffney, Cherokee County, S. 0.-Bond Election.-Anelection will be held March 31 to vote on the question ofissuing bonds for a sewerage system.Glasgow, Howard County, Mo.-Bond Offering.-Pro-
posals will be received until 12 m. March 23 by Ed. A. Weng-ler, Mayor, for $8,000 6% gold coupon water-works bonds.Authority, vote of 261 "for" to 68 "against" at the electionheld Feb. 23. Denomination $100. Maturity twentyyears, subject to call after five years. Certified check for$250, payable to Ed. A. Wengler, Mayor, is required. Thecity has no debt at present. Assessed valuation for 1908,$560,000.Grand Rapids, Mich.-Bond Election Proposed.-The
Ways and Means Committee has submitted a report to theCity Council recommending that the question of issuing$250,000 auditorium or town-hall construction bonds bevoted upon at the April election.
Granite School District (P. 0. Salt Lake City), Salt LakeCounty, Utah.-Bond Offering .-Proposals will be receiveduntil 7 p. m. March 25 by H. N. Winter, Clerk Board ofEducation, for $100,000 school-building and site-purchasebonds. Authority vote of 329 to 115 at election held Feb. 20;also Chapter 16, Laws of Utah. Denomination $1,000.Interest (rate to be named in bid) payable semi-annually.Bonds are free from taxation. Maturity 20 years, subjectto call after 10 years. Certified check for 5%, payable tothe Board of Education, is required.
Hamilton School District (P. 0. Hamilton), Butler County,Ohio.-Bond tering .-Proposals will be received until 12 m.April 8 by the Board of Education, John A. Keller, Clerk,for $28,000 4% coupon bonds for the improvement of schoolproperty. Denomination $500. Date Jan. 15 1909. In-terest semi-annual. Maturity $5,000 on Jan. 15 in each ofthe years 1928, 1930, 1932 and 1934 and $8,000 on Jan. 151936. Certified check for 5% of the bonds bid for, payableto the District Treasurer, is required. Purchaser to payaccrued interest.
Helena, Mont.--Bond Offering .-J. A. Mattson, CityClerk, will offer at public auction at 12 m. May 1 the follow-ing 5% gold bonds:$600,000 water bonds. Maturity $100,000 on Jan. 1 1919, $100,000 on
Jan. 1 1924 and $400,000 on Jan. 1 1929. Deposit of $10,000required with bids.
70,000 sewer bonds. Maturity $10,000 on Jan. 1 1919. $10,000 on Jan1 1924 and $50,000 on Jan. 1 1929. Deposit of $1,000 requiredwith bid.
Denomination $1,000. Date Jan. 11909. Interest semi-annually at the office of the City Treasurer in Helena, or atthe option of the holder at some bank to be designated bythe City Treasurer in New York City. Deposits to be in theform of certified checks, payable to Frank J. Edwards,Mayor.Hempstead (Town) Union Free School District No. 11,
N. Y.-Bond Sale.-On March 15 the $75,000 coupon orregistered bonds described in V. 88, p. 701, were sold toAdams & Co. of New York City for $75,066 (100.088) for
4.20s. Maturity on July 1 as follows: $10,000 yearly from1912 to 1918 inclusive and $5,000 in 1919.
Hillsboro, Hill County, Tex.-Bond Election.-An electionwill be held April 6 to vote on the question of issuing $36,000public-improvement bonds at not exceeding 43% interest.These securities, if voted, will mature part yearly for 40years and will be issued for the following purposes: $16,000for building a city hall; $12,000 for the improvement andextension of the water-works; $4,000 for a school site, and$4,000 for street-improvements.
Hubbard City, Hill County, Tex.-Bond Offering,,,-Proposals will be received until 8 p. in. March 22 by H. C.Bishop, City Secretary, for the $15,000 5% gold streetand sewer bonds voted (V. 87, p. 1675) on Dec. 15 1908.Authority Chapter 4, Revised Statutes. Denomination$500. Date Jan. 1 1909. Interest semi-annually at theSeaboard National Bank in New York City, the CityTreasurer's office in Hubbard City, or at the State Treasurer'soffice in Austin. Maturity Jan. 1 1949, subject to callafter Jan. 1 1919. Bonds are free from city taxes andwere registerd by the State Comptroller on March 6. Totaldebt, including this issue, $25,500. Assessed valuation for,1908 $1,021,000.
Independence, Montgomery County, Kans.-Bond Offer-ing .-This city will offer for sale on April 1 $40,000 5%sewer bonds. Maturity thirty years, subject to call afterten years. R. S. Litchfield is Chairman of the FinanceCommittee.
Inman School District (P. 0. Inman), McPherson County,Kans.-Bond Sale.-The $10,000 school-house bonds re-cently voted (V. 88, p. 247) have been sold to the StateSchool Fund at par for 4 2s.
Ithaca, Gratiot County, Mich.-Bonds Defeated.-An issueof $15,000 bonds was defeated at an election held March 8.
Jackson County (P. 0. Independence), Mo.-Bond Offer-ing .-Proposals will be received until 10 a. m. March 31 by0. H. Gentry Jr., County Treasurer, for $250,000 4%coupon hospital bonds mentioned in V. 88, p. 581. De-nomination $500. Date Nov. 30 1906. Interest semi-annually at the ofice of the County Treasurer. Maturity.twenty years, subject to call after five years. Certifiedcheck on a bank in Jackson County for 2% of bonds bid for,payable to Jackson County, is required. Purchaser to payaccrued interest. Delivery March 31 1909. Blank formsfor bids will be furnished by the county.
Kalamazoo, Mich.-Bond Offering .-Proposals will bereceived until 5 p. m. March 22 by John R. Ross, City Clerk,for the following 4% bonds:$65,000 street-improvement bonds. Denomination $1,000. Maturity
$6,500 yearly on April 1 from 1910 to 1919 Inclusive.20,000 city improvement bonds. Denomination $1,000. Maturity
$2,000 yearly on April 1 from 1910 to 1919 inclusive.12,000 street railway paving bonds. Denominations $1,000 and $200.
Maturity $1,200 yearly on April 1 from 1910 to 1919 inclusive.
Authority Section 20, Chapter 16, of Local Acts of 1907.Date April 1 1909. Interest semi-annually at the office ofthe City Treasurer. Bonds are exempt from all taxation.
Kanaranzi Township (P. 0. Kanaranzi), Minn.-BondsVoted.-The electors of this township on March 9 authorizedthe issuance of $3,500 6% bridge-building bonds by a voteof 40 to 9. Maturity $500 yearly from 1919 to 1925 inclusive.
Kandiyohi County (P. 0. Willmar), Minn.-Bond Offering.-Proposals will be received until 2 p. in. March 25 by theBoard of County Commissioners, at the office of John Feig,County Auditor, for $39,515 37 5% drainage bonds. Au-thority Section 18, Chapter 230, of the Laws of 1905. De-nominations $357 67, $16,000, $12,000 and $11,157 70.Date March 25 1909. Interest payable in Willmar, Minn.Maturity on Feb. 15 in the years 1916, 1917 and 1918.Bonds are exempt from taxation. Certified check for $2,000,payable to the County Treasurer, is required. Assessedvaluation $8,113,446.Kansas City School District (P. 0. Kansas City), Kans.-
Bond Sale.-An issue of $184,000 432% bonds has been sold.The securities are dated Feb. 15 1909 and mature Feb. 151929, but are subject to call at any time. Interest is pay-able at the State Treasurer's office in Topeka.Kaufman, Kaufman County, Texas.-Bonds Voted.-
The election held March 6 resulted in favor of the issuanceof the $6,000 432% water-main-extension bonds. Therewere sixty-two votes cast, all of which were for the issue.Maturity forty years, subject to call after fifteen years.Kearny (P. 0. Newark), Essex County, N. J.-Bonds
Authorized.-An ordinance providing for the issuance of$100,000 town-hall-construction bonds was passed by theTown Council on March 11.Kershaw County (P. 0. Camden), So. Caro.-Bond
Offering.-Proposals will be received until 12 m. April 5 byM. C. West, County Supervisor, for $40,000 5% couponbridge-building bonds. Date May 1 1909. Interest semi-annually at a bank in Camden. Maturity May 1 1934.Bonds are exempt from all taxation. Certified check for$1,000, payable to the County Supervisor, is required.Kiowa, Pittsburgh County, Okla.-Bonds Voted.-The
$31,000 6% water-works and electric-light bonds mentionedin V. 88, p. 641, were authorized on March 12 by a vote of103 "for" to 5 "against."
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MAR. 20 1909 THE CHRONICLE 781
Knoxville, Tenn.-Bond Sale.-It is reported that the$150,000 high-school-building and the $50,000 viaduct-construction 434% bonds offered by this city on March 16,were awarded, the former issue to the Merchants' Loan &Trust Co. of Chicago, Ill., for a premium of about $8,000,and the latter issue to the Harris Trust & Savings Bank ofChicago, Ill., for a premium of about $2,000. MaturityApril 1 1939.Lake County (P. 0. Crown Point), Ind.-Bond Offering.-
Proposals will be received until April 24 by Chas. A. Johnson,County Auditor, for $37,500 5% coupon Calumet Townshipbridge-construction bonds. Denomination $500. Interestsemi-annual. Maturity $3,000 each six months from
July 1 1910 to July 1 1914 inclusive and $3,500 each six
months from Jan. 1 1915 to Jan. 1 1916 inclusive.
Lawrence County (P. 0. Ironton), Ohio.-Bond Offering.
-Proposals will be received until 12 m. April 7 by the County
'Commissioners, for $50,000 5% turnpike bonds. Authority
Sections 4758, 4759, 4763, 4764 and 4766 of Revised Statutes
.of Ohio. Denomination $1,000. Date March 1 1909. In-
terest semi-annually at the County Treasury. Maturity
$5,000 each six months from March 1 1924 to Sept. 1 1928
inclusive. Certified check for 2% of bid, payable to the
County Treasurer, is required.
Leavenworth, Leavenworth County, Kansas.-Bonds
Authorized.-On March 9 the City Council passed an ordin-
ance providing for the issuance of the following 5% coupon
improvement bonds:$5,979 37 for the improvement of Delaw
are Street.
444 00 for the Improvement of east and west alley in block 48.
Denominations $500, except one bond of $423 37. Date
March 1 1909. Interest semi-annually on Feb. 1 and
August 1 at the office of the State Treasurer. Maturity
-on August 1 as follows: $423 37 in 1909, $1,000 in the years
1910 and 1911 and $500 yearly from 1912 to 1919 inclusive.
Lehigh County (P. 0. Allentown), Pa.-Bond Offering.-Proposals will be received until 11 a. m. March 25 by J. S.Troxell, Chief Clerk of County Commissioners, for $200,0004% coupon (with privilege of registration) funding andpublic improvement bonds. Denomination $500. DateApril 1 1909. Interest semi-annually at the office of the'County Treasurer in Allentown. Maturity April 1 1924,subject to call after April 1 1914. Bonds are exempt fromtaxation. Certified check for 10% of bid, made payable tothe County Commissioners, is required. Delivery on orbefore April 1 1909. Bonded debt this issue ($200,000).Assessed valuation, $60,885,023.Lemhi County (P. 0. Salmon), Ida.-Bond Sale.-On
March 8 $40,000 5% court-house bonds wele awarded toA. B. Leach & Co. of Chicago at 103.06. Denomination
$1,000. Date April 1 1909. Interest payable in January
and July.Lewiston, Nez Perce County, Ida.-Bond Sale.-On
March 1 the $22,000 5% 10-20-year (optional) gold coupon
drainage system bonds described in V. 88, p. 581, were
awarded to the Seattle Trust & Title Co. of Seattle at 105.022
and accrued interest. Following is a list of the bidders:Seattle Tr.&T.Co.,Seattle.a$23,105 00Harris Tr. & S. B.. Chic_ab23,050 00A. B. Leach & Co., Chica22,944 00Lewiston N. B., Lewls....ab22,761 50W. R. Compton Bond &
E. .Rollins&Sons,Chic_ab$22,460 00Geo.H.Tilden &Co.,Seattle.a22 .453 00C. H. Coffin, Chicago_ ......b22,441 00S. A. Kean, Chicago 522,231 00Security Savings Bank &
a These bidders offered accrued interest in addition to their bids.
S These bidders offered to furnish blank bonds.
Licking County (P. 0. Newark), Ohio.-Bond Offering.-
Proposals were asked for until 12 m. yesterday (March 19)by J. N. Wright, County Auditor, for $3,600 4% coupon
ditch-improvement bonds. Denomination $200. DateMarch 1 1909. Interest semi-annual. Maturity $200 onMarch 1 1910 and March 11911, and $200 each six months fromMarch 1 1912 to Sept. 1 1919. Bonds are exempt fromtaxation. The result of this offering was not known to usat the hour of going to press.Lima School District (P. 0. Lima), Allen County, Ohio.-
Bond Offering.-Proposals will be received until 12 m. April12 by G. A. Herrett, Clerk of Board of Education, for$22,000 5% school bonds. Authority Section 3994, Re-vised Statutes. Denomination $1,000. Interest semi-annu-
ally. Maturity part yearly from one to twenty-two years
from date.Lincoln County (P. 0. Shoshone), Idaho.-Bond Offering.
-Proposals will be received until 10 a. m. April 14 by
Harry W. Anderson, County Clerk, for $28,000 couponrefunding bonds at not exceeding 670 interest. AuthorityVol. 1, Section 1960-1961 Revised Codes. Denomination
$1,000. Date July 1 1909. Interest semi-annually at the
office of the County Treasurer or some bank in New YorkCity. Maturity $2,800 yearly on July 1 from 1919 to 1928inclusive. Certified check for 5%, payable to the CountyClerk, is required.Lyme Township (P. 0. Bellevue), Huron County, Ohio.-
Bond Offering.-Proposals will be received until 12 m.March 25 by W. H. Erdrich, Township Clerk! for $10,000
5% coupon road-improvement bonds. Denomination $500.Date April 1 1909. Interest Jan. 1 and July 1 at the Belle-vue Savings Bank Company in Bellevue. Maturity $500each six months on Jan. 1 from 1910 to July 1 1919 inclusive.Certified check for 3% of bonds bid for, payable to Lyme
Township, is required. Bonded debt at present, $9,500.Assessed valuation $1,008,000.
McDowell County (P. 0. Welch), W. Va.-Bond Sale.-This county on March 15 awarded the $50,000 5% 10-20-yearcoupon bonds for public buildings, described in V. 88, p. 323,to Seasongood & Mayer of Cincinnati at 105.50.
Madisonville School District, Hamilton County, Ohio.-Bond Offering.-Proposals will be received until 6 p. m.March 27 by J. F. Klein, Clerk of Board of Education, for$50,000 4% coupon school-construction bonds. These se-curities are part of an issue of $125,000. Denomination$500. Date March 27 1909. Interest semi-annually at theFourth National Bank of Cincinnati, Ohio. Maturity thirtyyears.Manning School District (P. 0. Manning), Clarendon
County, So. Caro.-Bond Sale.-This district recentlyawarded $79,000 bonds to N. W. Harris & Co., New YorkCity, at 104.50.
Marion, Ohio.-Bond Sale.-Owing to the fact that nobids were received on March 12 for the two issues of 4%funding bonds, aggregating $2,900, and -described in V. 88,p. 641, they were awarded to private individuals.
Mart, McLennon County, Tex.-Bond Offering .-Pro-posals will be received until 6 p. m. April 5 by R. W. Bass,Mayor, for the $50,000 5% water-works bonds voted (V. 88,p. 519) on Feb. 9. Denomination $1,000. Date April 11909. Interest annual. Maturity April 1 1949, subjectto call after April 1 1929. Certified check for $500, payableto the City Treasurer, is required.
Massachusetts.-Bond Sale.-On March 17 the $2,888,0003% and 334% gold bonds (18 issues), a description of whichwas given in last week's issue, were awarded to R. L. Day& Co. and Estabrook & Co., both of Boston, at their jointbid of 101.196. The other bidders were:Blodgett, Merritt & Co., Bos_101.076 E. H. Rollins & Sons.. A. B.Kountze Bros., New York _100.76 Leach & Co., Blake Bros.Kidder, Peabody & Co., Bos_100.69 & Co.. and Harvey Fisk &N. W. Harris & Co.. Boston_100.625 Sons, Boston. jointly 100.278
Maysville, Mason County, Ky.-Bond Sale.-The follow-ing award was made on March 15:$30,000 4% school-building bonds awarded to the Bank of Maysville at
101 and accrued interest. Denomination 3500. Date Feb. 11909.
5,000 6% sidewalk bonds awarded to the State National Bank of Mays-ville at par. Denomination $250. Date Dec. 8 1908.
Interest Feb. 1 and Aug. 1.Mecklenberg County (P. 0. Boydton), Va.-Bond Election.
-Reports state that the question of issuing $60,000 ChaseCity Road District improvement bonds will again be sub-mitted to a vote of the people on March 23. These bondswere awarded on Nov. 9 1908 to A. J. Hood & Co. of Detroitbut were subsequently refused by them as the originalelection was declared illegal. See V. 88, p. 581.
Melrose, Middlesex County, Mass.-Bond Sale.-Reportsstate that Blake Bros. & Co. of Boston recently purchased$78,000 3% 20-year school bonds at 104.17-a basis ofabout 3.216%. Interest semi-annual.
Miami County (P. 0. Troy), Ohio.-Bond Sale.-OnMp,rch 13 $24,500 5% ditch-construction bonds were awardedto the Piqua National Bank of Piqua at 100.959. Denomina-tions $100, $200, $300 and $500. Date Jan. 1 1909. Inter-est semi-annual.
Millbury School District (P. 0. Millbury), Woo11 County,Ohio.-Bond Offering.-Further details are at hand relativeto the offering on April 5 of the $10,000 4%% buildingbonds mentioned in V. 88, p. 702. Proposals for thesebonds will be received until 12 m. on that day by C. M.Deibut, Clerk Board of Education. Authority Section 3991,Revised Statutes. Denomination $1,000. Date day ofdelivery. Interest semi-annually in Millbury. Maturity$1,000 yearly beginnning one year from date of bonds.Bonds are free from taxation.
Milton School District (P. 0. Milton), Umatilla County,Ore.-Bond Sale.-On March 5 this district sold $35,000 5%10-20-year (optional) building bonds to the Bankers, Reserve& Life Co. for $35,550 (101.571) and accrued interest.Authority election held Dec. 29 1908. Denomination $1,000.Date Jan. 11909. Interest semi-annual. These bonds weredisposed of last January (V. 88, p. 174), but the sale wassubsequently canceled.
Minster, Auglaize County, Ohio.-Bond Offering.-Inaddition to the $2,5005% electnc-light bonds to be offered forsale at 12 m. to-day (March 20) (V. 88, p. 582), proposals willalso be received at the same time and place by Jos. H. Lanfers-weiler, Village Clerk, for $4,000 5% coupon Frankfort Streetpaving assessment bonds. The purchaser may designatewhether he wishes the bonds in denomination of $400 orten bonds in denomination of $250 and ten bonds in denomi-nation of $150. Date Feb. 8 1909. Interest annually atthe Village Treasurer's office. Maturity $400 yearly onFeb. 8 from 1910 to 1919 inclusive. Bid must be uncondi-tional and be accompanied by a certified check or cash de-posit for $100. Delivery within 5 days from date of sale.Purchaser to pay accrued interest.Montgomery County (P. 0. Rockville), Md.-Bond Offer-
ing.-Proposals will be received until 12:30 p. m. March 30
by the County Commissioners for $20,000 470 coupon bonds.Denomination $1,000. Interest semi-annually on April 1
and Oct. 1 at the Farmers' Banking & Trust Co. of Mont-gomery County at Rockville. Maturity $1,000 yearly on
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Oct. 1 from 1909 to 1928 inclusive. Bonds are exempt fromtaxation. Certified check for $200, payable to the CountyCommissioners, is required.Montgomery County (P. 0. Dayton), Ohio.-Bonds Au-
thorized.-Local papers state that the County Commissionershave authorized the issuance of $18,000 Needmore Bridgeconstruction bonds.
Montpelier, Vt.-Temporary Loan.-A loan of $10,000 hasbeen negotiated with the Capitol Savings Bank & Trust Co.of 'Montpelier at 5%. Loan runs for six months.
Moultrie, Colquitt County, Ga.-Bond Election.-Anelection will be held April 15 to vote on propositions to issuethe following bonds, mention of which was made in V. 88,p. 582; $24,000 to extend the large water mains and installa stand pipe for fire protection; $19,000 to complete thesanitary sewer system and $7,000 to improve streets.Mount Vernon, N. Y.-Bond Sale.-On March 16 thr
$60,000 tax relief and $40,000 school-tax-relief 43/2% 3-yeaebonds described in V. 88, p. 702, were disposed of, the formerissue to Ferris & White of New York City at 100.93 and thelatter issue to W. N. Coler & Co. of New York City at 100.937.Purchasers to pay accrued interest. A list of the bidsreceived follows:
Ferris & White. New York W. N. Coler & Co., New York N. W. Harris & Co., New York First National Bank, Cleveland Kountze Bros., New York Dominick & Dominick, New York John D. Everitt & Co.. New York W. J. Hayes & Sons, Cleveland
Myrtle Point, Coos County, Ore.-Bond Offering.-Pro-posals will be received until 7:30 p. m. April 25 by I. E. Rose,City Recorder, for $22,000 5% gold coupon water-worksbonds, "series B." Denomination $1,000. Date May 11909. Interest semi-annual. Maturity thirty years, sub-ject to call after twenty years. Bonds are exempt from taxa-tion. Certified check for $500, payable to I. E. Rose, CityRecorder, is required. Bonded debt at present, $20,000.Assessed valuation $310,243.
Narragansett (P. 0. Narragansett Pier), R. I.-Bond Sale.-An issue of $30,000 sewerage bonds has been purchasedby John E. Babcock. Date April 1 1909. Interest payable'at the banking house of N. W. Harris & Co. of Boston.Nereson (P. 0. Garland), Roseau County, Minn.-Bond
Sale.-On March 8 the $6,000 20-year coupon road bondsdescribed in V. 88, p. 582, were awarded to the Scandinavian-American State Bank of Badger as 6s. Bids were alsoreceived from C. H. Coffin of Chicago, the First State Bankof Badger, the Commercial Investment Co. of Duluth, theFarmers' & Merchants' State Bank of Greenbush and F. E.Magraw of St. Paul. We are informed, however, thatMagraw's bid was received too late to be considered.Newark, Licking County, Ohio.-Bond Sale.-Reports
state that the highest bid received on March 15 for $3,3355% coupon Union Street assessment bonds offered on thatday was one of $3,497 (104.857) submitted by Scasongood& Mayer of Cincinnati. Denomination $500, except onebond of $335. Date Sept. 1 1908. Interest semi-annuallyat the office of the Sinking Fund Trustees. Maturity onSept. 1 p,s follows: $500 yearly from 1911 to 1916 inclusiveand $3n• in 1918.Newberry School District (P. 0. Newberry), Newberry
County, So. Caro.-Bond Election.-Reports state that anelection will be held March 24 to vote on the question of is-suing $40,000 school-building bonds.
Niagara Falls, N. Y.-Bonds Voted.-An election heldMarch 10 resulted in favor of a proposition to issue water-system-construction bonds. The vote was 1,366 to 278.
Norfolk, Va.-Bonds Authorized.-It is stated in local pa-pers that the City Council recently adopted an ordinance pro-viding for the issuance of $50,000 30-year refunding FifthWard improvement bonds.Northampton County (P. 0. Easton), Pa.-Bond Sale.-
The $300,000 4% coupon (with privilege of registration)refunding, funding and improvement bonds described inV. 88, p. 520, were sold on March 15 to Goldman, Sachs &Co. of Philadelphia at 103.79 and accrued interest-a basisof about 3.73%. Maturity $100,000 on March 1 in eachof the years 1919, 1929 and 1939.
Norwalk, Conn.-Bond Sale.-This town, it is stated, hasawarded the following bonds to the Norwalk Savings Society:$225,000 4% 30-year coupon or registered refunding bonds, bids for which
were rejected on March 4 (V. 88, p. 642) at 101.20,000 334% water bonds at par.Oconomowoc, Waukesha County, Wis.-Bond Sale.-On
March 5 $15,000 4% 123/2-year (average) sewer bonds datedDec. 1 1908 were awarded to the Harris Trust & SavingsBank of Chicago.Oklahoma, State of.-Bond Sale.-The $1,314,000 bonds,
the unsold portion of the issue of $1,460,000 4% couponbonds, bids for which were rejected on July 16 1908 (V. 87,p. 1494) have been sold to the Commerce Trust Co. ofKansas City.Oklahoma City, Okla.-Bond Election.-The question of
issuing the $1,035,000 bonds mentioned in V. 88, p. 642, willbe voted upon April 27.Omaha, Neb.-Bond Sale.-This city on March 15 awarded
$100,000 20-year sewer-renewal, the $75,000 20-year paving-
renewal and the $161,500 7 1-3-year average improvement43% coupon bonds described in V. 88, p. 702, to O'Connor& Kahler of New York at 104.829. Following are the bidssubmitted:O'Connor & Kahler,N.Y_ $352,750 61N.W.Halsey & Co., Chic_ 351,989 56Farson, Son & Co., Chic_ 351,176 15Biodget, Merritt & Co.,Chicago 351,989 56
Provident Savings Bank& Trust Co., Cinc 351,067 25
Seasongood&Mayer, Cin_$350,527 32Estabrook & Co., Boston 349,344 20McCoy & Co., Chicago__ 349,250 00Wm. R. Compton Bond &Mtge. Co., St. Louis__ 348,627 65
Orrville, Wayne County, Ohio.-Bond Offering.-Proposalswill be received until 12 m. March 22 by A. L. Reed, VillageClerk, for the following bonds:$7,500 5% sewage-disposal-plant (village's portion) bonds. Denomina-
tion $500. Interest annual.9,000 4 M % coupon water-works improvement and extension bonds.
Authority Section 100 of the Municipal Code. Denomination$1,000. Interest semi-annual.
Date March 15 1909. Maturity March 15 1919. Certi-fied check for 5% of bonds bid for, payable to the VillageTreasurer, is required. Purchaser to pay accrued interest.
Palisades Park, Bergen County, N. J.-Bond Sale.-OnMarch 11 $3,500 5% 10-16-year (serial) registered fundingjudgment bonds were awarded to the Palisades Trust &Guaranty Co. of Englewood at par and accrued interest.The following proposals were received:Palisades Trust & Guaranty Co., R. M. Grant & Co., N. Y ____b100.27
Englewood al00 Northern New Jersey TrustCo., Edgewater __ 100
a and accrued interest. b bid "rejected as same did not comply withadvertisement."
Denomination $500. Date March 1 1909. Interestsemi-annually at the Northern New Jersey Trust Co. inEdgewater. Bonds are tax exempt.Paxton Township, Ross County, Ohio.-Bond Offering .-
Proposals will be received until 12 m. March 22 by Ralph.K. Jones, Township Clerk (P. 0. Bainbridge), for $12,000'5% town-hall-erection bonds. Authority Section 1479,Revised Statutes. Denomination $500. Date March 221909. Interest annual. Maturity on March 22 as follows:$500 in 1910, $1,000 in 1911, $1,500 in 1912, $2,000 in 1913.and 1914 and $2,500 in 1915 and 1916. Bids to be madeon blank form furnished by the Township Clerk and accom-panied by a certified check for 2% of bonds bid for, payableto the Township Treasurer. Purchaser to pay accruedinterest.
Perry County (P. 0. Augusta), Miss.-DescriptionBonds.-We are advised that the $30,000 5% 5-20-yea(optional) public-road-improvement bonds awarded onMarch 1 to the Perry County Bank of New Augusta and theBank of Richton at par (V. 88, p. 703) are dated March 11909. Denomination $500. Interest annual.Perry School District (P. 0. Perry), Dallas County, Iowa.
-Bonds Voted.-An issue of $32,000 43.% 5-10-year (op-tional) school-building bonds was authorized by a vote of376 "for" to 91 "against" at an election held March 8.Pine Island, Goodhue County, Minn.-Bonds Voted.-At
an election held March 9 $3,000 5% city-hall and jail bondswere authorized. Maturity $1 ,000 in each of the years 1910,1911 and 1912.Pittsburgh, Pa.-Bond Sale.-On March 15 the $1,-
975,000 4% coupon Water-plant-purchase bonds describedin V. 88, p. 703, were awarded to H. F. Bachman & Co. ofPhiladelphia and the Equitable Trust Co. of New York attheir joint bid of 103.016. The following bids were received:H. F. Bachman & Co., Phila.- -1Equitable Trust Co., New York_ J103.016N. W. Halsey & Co., New York .102.767Wm. Salomon & Co., New York. 102.468J. S. and W. S. Kuhn, Pittsburgh 102.27Lawrence Barnum & Co., N. Y_ _101.777It. L. Day & Co., New York_ _ _ _101.583J. I. Buchanan, Pittsburgh 101.57Drexel & Co., Philadelphia_ - - -1Brown Bros. & Co., Philadelphia1101.559Wm. A. Read & Co., New York_ _101.33Kountze Bros., New York 1N. W. Harris & Co., New York_ )101.316
Robt. GlendInning & Co., PhIla.a102.33H. C. Bughman b101.74First Nat. Bank, Piltsburgh_b101.505.Colonial Trust Co b101.272
$65,800 due 1932_103.05i65,800 due 1933....103.15
Dollar Say- 65,800 due 1934_ _103.25ings Bank, 65,800 due 1935..103.30Pittsburgh 65,800 due 1930_103.40
65,800 due 1937._103.4565,800 due 1938_103.5065,800 due 1939..103.60
Pittsburgh Bank for Say., Pitts.c102.69
a For $658,000 bonds maturing $65,800 yearly from 1920 to 1920 in-clusive. b For $600,000 bonds maturing $20,000 yearly from 1910 to1939 inclusive. c for $300,000 bonds maturing $10,000 yearly from 1910to 1939 inclusive.
The bonds mature on Jan. 1 as follows: $65,800 yearlyfrom 1910 to 1929 inclusive and $65,900 yearly from 1930to 1939 inclusive.
Pittsburg School District (P.0, Pittsburg), Camp County,Tex.-Bond Election.-The election to vote on the questionof issuing the $9,000 5% 20-40-year (optional) school-building-addition bonds mentioned in V. 88, p. 703, will beheld April 6.
Plainview, Hale County, Tex.-Bonds Registered.-OnMarch 10 $16,000 5% 15-40-year (optional) water-worksbonds were registered by the State Comptroller.Pomona, Cal.-Bonds Voted.-The propositions to issue
the $23,000 city-hall-site and the $30,000 city-hall-building432% 1-40-year (serial) bonds described in V. 88, p. 643,carried at the election held March 10. The vote was951 to 189 on the former proposition and 1,057 to 88 on thelatter proposition.
Porter Township, Scioto County, Ohio.-Bond Offering.-Proposals will be received until 12 m. April 10 by Cary A.Walden, Clerk of Board of Trustees (P. 0. Sciotoville), for$5,000 432% coupon bonds. Denomination $500. DateApril 1 1909.AInterest semi-annually at the First National
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Bank of Portsmouth, Ohio. Maturity $1,000 yearly on
April 1 from 1914 to 1918 inclusive. Purchaser to payaccrued interest.Port Orchard School District (P. 0. Port Orchard), Kit-
sap County, Wash.-Bonds Defeated.-An election heldMarch 6 resulted in the defeat of a proposition to issue $5,000school-house bonds.
Princeton, Millelacs county, Minn.-Bonds Defeated.-An election held March 9 resulted in the defeat of a propo-sition to issue $15,000 funding bonds.
Proctorville, Lawrence County, Ohio.-Bond Sale.-The$5,000 4% 5-20-year (optional) coupon refunding bonds,proposals for which were asked until March 2, have beenawarded at private sale to the Davies-Bertram Co. of Cin-
cinnati, according to reports, at par and accrued interest.
See V. 88, p. 582, for a description of these securities.
Pulaski, Pulaski County, Va.-Bond Offering .-Pro posals
will be received until 7 p. m. April 15 by Finance Committee,
J. W. Miller, Chairman, for $40,000 5% 30-year coupon
bonds. Authority election held July 10 1908. Certified
check for $500, payable to the Town of Pulaski, is required.
Put-in-Bay, Ottawa County, Ohio.-Bond Offering .-
Proposals will be received until April 1 by L. E. Schraidt,
Village Clerk, for the $8,000 5% coupon water-works-
construction bonds voted on Jan. 12. V. 88, p. 324. De-
nomination $1,000. Date May 1 1909. • Interest semi-
annually at the office of the Village Treasurer. Bonds are
exempt from taxation. Certified check, payable to the
Treasurer, is required. Bonded debt, including this issue,
$15,000. Assessed valuation $400,000.
Putnam County (P. 0. Ottawa), Ohio.-Bond Offering.-Proposals will be received until 12 m. to-day (March 20) by
the Board of County Commissioners, at the office of Joseph
Kersting, County Auditor, for the following 5% coupon
road-improvement bonds:$11,000 Andrew Rockey stone road (Monroe Township) improvement
bonds. Maturity $1,000 in 1914, $2,000 in 1915 and in 1916
and $3,000 in 1917 and in 1918.6,500 S. D. Hensel stone road (Monroe Township) improvement bonds.
Maturity $1,500 in 1914, $2,000 in 1915 and $1,000 in 1916, in1917 and In 1918.
14,000 K. C. Pierce stone road improvement (Monroe Township) bonds.Maturity $2,000 In 1914 and $3,000 yearly from 1915 to 1918inclusive.
7,000 J. W. Newell stone road improvement (Van Buren Township)bonds. Maturity $2,000 in each of the years 1914 and 1915 and$1,000 in each of the years 1916, 1917 and 1918.
29,000 John Hoffman stone road improvement (Palmer Township) bonds.Maturity $5,000 In 1914 and $6,000 in each of the years 1915, 19161917 and 1918.
14,000 Duncan Dewer stone road improvement (Palmer Township) bonds.
Maturity $2,000 In 1914 and $3,000 in each of the years 1915, 1916
1917 and 1918.Authority, Section 4670-19 of the Revised Statutes of
Ohio. Denomination $1,000, except one bond of $500.
Date August 1 1909. Interest semi-annually at the office
of the County Treasurer in Ottawa. Bonds are free from
all taxes. Purchaser to furnish blank bonds and pay for
transcript of proceedings. Certified check (or cash) on a
bank in Ottawa for $1,000, made payable to the CountyAuditor, is required. Purchaser to pay accrued interest.
Putnam County (P. 0. Oooperville), Tenn.-Bond Election.-A proposition to issue road bonds will be submitted toa vote of the people on March 27.
Racine, Wis.-Bond Sale.-Reports state that $20,00043% sewer bonds were sold at public auction to the HarrisTrust & Savings Bank of Chicago at 104.72.
Radnor Township School District, Delaware County, Pa.-Bond Of faring .-Proposals will be received until 3 p. m.,
March 25, by Chas. S. Walton, Treasurer, 258 North Third
Street, Philadelphia, for $70,000 4% registered school-
improvement bonds. Denomination $500. Date April 1
1909. Interest semi-annual. Maturity $11,500 on April 1
in each of the years 1914, 1919, 1924, 1929 and 1934 and
$12,500 on April 11939. Bonds are tax-exempt.1
NI Ravenna, Ohio.-Bond Offerings .-Proposals "will7be re-ceived until 12 m. March 22 by E. W. Marvin, Village Clerk,for $16,000 43% street-paving (village's portion) bonds.Authority Section 2865, Revised Statutes. Denomination$500. Date March 1 1909. Interest semi-annually at theSecond National Bank of Ravenna. Maturity $1,000 eachsix months from March 1 1910 to Sept. 1 1917 inclusive.Certified check for $400, payable to the Village Treasurer,
is re9uired. Bonds will be delivered within five days from
the time of award. Purchaser to pay accrued interest.Proposals will also be received until 12 m. April 5 by the
Village Clerk for $27,200 4% street-paving assessmentbonds. Authority Section 2865, Revised Statutes. De-nominations: 10 bonds of $220 each and 50 bonds of $500
each. Date March 1 1909. Interest semi-annually at the
Second National Bank of Ravenna. Maturity $2,720 yearly
on March 1 from 1910 to 1919 inclusive. Certified check for
3500, payable to the Village Treasurer, is required. Bondswill be delivered within five days from the time of award.
Purchaser to pay accrued interest.
EIReading, Pa.-Bond Offering .-Proposals will be receiveduntil 7:30 p. m. March 24 by 0. B. Dorward, City Comp-troller, for $200,000 4% coupon (with privilege of registra-tion) refunding bonds. Denomination $1,000. Date April 1
1909. Interest semi-annually at the office of the CityTreasurer. Maturity $40,000 on April 1 in each of the years1914, 1919, 1924, 1929 and 1934. Bonds are exempt from
taxation. Certified check for .5% of bid, payable_to.E.„H.
Filbert, City Treasurer, is required. Blank forms for bidswill be furnished by the City Comptroller.
Redlands, San Bernardino County, Cal.-Bond Election.-An election will be held April 2, it is stated, to vote on thequestion of issuing $20,000 school bonds. fitPRenton, King County, Wash.-Bond Sde.-On March 5
$23,000 5% 1-20-year (optional) water-supply bonds wereawarded to the State of Washington at par for 5s. Bidswere also received from the Seattle National Bank of Seattle,the United States Trust Co. of Seattle and E. H. Rollins &Sons of Chicago.Richmond County (P. 0. Rockingham), No. Oar.-Bond
Offering.-Proposals will be received until 12 m. April 5 bythe Board of County Commissioners, B. F. Reynolds, Clerk,for $20,000 5% 30-year coupon refunding bonds. Denomi-nation $500. Date Jan. 1 1909. Interest semi-annuallyat some bank in Rockingham, No. Car. Bonds are exemptfrom all taxes, except those levied by the State.
Rock Valley School District (P. 0. Rock Valley), SiouxCounty, Ia.-Bonds Vote -An issue of $20,000 bondsfor school purposes was authorized by a vote of 282 sfoto 33 "against" at an election he d a h
Ryan Jefferson County, Okla.-Bond Election Proposed -According to repor s an election will be held in the near futur 3to vote on the que tion of issuing $69,000 bonds to constructa water-works and sewer system and an electric-light plant.
St. Johns School District No. 2, Multnomah County, Ore.-Bond Sale.-This district has sold $40,000 high-school and$10,000 grade-school 10-20-year (optional) bonds, bids forwhich were asked until Feb. 25. Date April 1 1909.
St. Lucie County (P. 0. Fort Pierce), Fla.-Bond Election.-An election will be held on April 20 to vote on the questionof issuing $150,000 5% road bonds. Denominations $100to $1,000. Interest payable at Fort Pierce. Maturity10, 15, 20, 25 and 30 years.
St. Manes, Kootenai County, Idaho.-Bond Offering.-Proposals will be received until April 5 (date changed fromMarch 29) by J. S. Turnbull, Village Clerk, for $177000 goldcoupon water-works-extension bonds at not exceeding 6%interest. Authority Section 2316, Chapter 12, RevisedCode of 1909. Denomination $1,000. Date April 5 1909.Interest Jan. and July in St. Manes. Maturity 1929,subject to call after ten years. Bonds are exempt from alltaxes. Certified check for 23'% of bid, payable to theVillage Treasurer, is required. Bonded debt this issue.Floating debt $697.
St. Petersburg, Hillsboro County, Fla.-Bond Offering .-Proposals will be received until 8 p. m. April 1 by W. F.Devine, City Clerk, and Collector, for $10,000 5% goldcoupon refunding bonds. Denomination $1,000. DateJuly 1 1909. Interest semi-annually in New York City.Maturity thirty years. Bonds are exempt from taxation.Certified check for $100, payable to the Village Clerk, isrequired.
Salisbury, Rowan County, No. Car.-Bond Offering.-Proposals will be received until 12 m. March 22 by A. H.Boyden, Mayor, for $50,000 5% coupon street-improve-ment bonds. Authority Chapter 335 Private Laws of 1907.Denomination $1,000. Date April 1 1909. Interest semi-annually at the National Park Bank in New York City.Maturity April 11954. Certified check for $1,000, payableto the Mayor, is required. Official advertisement statesthat the city has never defaulted in the payment of principalor interest. 4'41IL .1 • •;: • ';64
Samson, Geneva County, Ala.-Bond:Sale.-An issue of$20,000 bonds was recently sold.San Anselmo, Mann County, Cal.-Bond Election Proposed.
-It is stated that the Trustees propose to call an electionto vote on the question of issuing $5,000 public-park bonds.San Jose, Cal.-Bond Election.-An election will be held
March 30 to vote on the proposition to issue the $45,000garbage-incinerator installation and site-purchase bondsmentioned in V. 88, p. 325.Santa Barbara County (P. 0. Santa Barbara), Cal.-Bond
Offering .-Proposals will be received until 10 a. m. March 24for $50,000 6% road-improvement bonds. Authority voteof 211 "for" to 16 "against" at an election held Feb. 26.Maturity $5,000 yearly on March 1 from 1910 to 1919inclusive.
Sarasota, Manatee County, Fla.-Bond Offering .-P .opos-als will be received until 2 p. m. April 27 by the Bond T steesfor $25,000 6% coupon street-paving bonds. Denomination$1,000. Date May 1 1909. Interest semi-annually atSarasota or New York City. Maturity thirty years. Certi-fied check for $1,000, payable to the Bond Trustees, is re-quired. Bonded debt, not including this issue, $140,000.Assessed valuation $435,000.Scurry County (P. 0. Snyder), Tex.-Description of Bonds.
-We are advised that the $70,000 4% 10-40-year (optional)court-house bonds awarded on March 2 to the State SchoolBoard at par and accrued interest (V. 88, p. 703), are datedAugust 12 1908. Denomination $1,000. Interest annuallyon April 10. 0,7114
Seattle, Wash.-Bond Sale.-On March 13 the $500,000park and the $500,000 municipal light extension 20-year cou-pon bonds, particulars of which were given in V. 88, p. 583,were awarded to the First Trust &Savings Bank, the Mer-
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chants' Loan & Trust Co and A. B. Leach & Co., all of Chi-cago, at their joint bid of $1,005,555 (100.555) for 4s.Shamokin, Northumberland County, Pa.-Bond Offering.
-Proposals will be received until 1 p. m. April 6 by W. H. R.Smink, Chief Burgess, for $55,000 4% municipal bonds.They are free from State tax.
Sidney, Ohio.-Bonds Authorized.-The City Council haspassed ordinances providing for the issuance of $22,000 (city'sportion) and $20,000 assessment paving-intersection bonds.
Siler City, Chatham County, N. 0.-Bond Election Pro-posed.-Reports state that an election will be held shortlyto vote on the question of issuing bonds to purchase prop-erty for school purposes.Spokane School District (P. 0. Spokane), Spokane
County, Wash.-Bond Election.-An election will be heldMarch 27 to allow the voters to determine whether or not$400,000 20-year school-building-addition bonds at notexceeding 414% interest shall be issued.
Springfield School District (P. 0. Springfield), GreeneCounty, Mo.-Bond Election.-An election will be heldApril 6 to vote on the question of issuing $125,000 buildingbonds.Stamford, Conn.-Bond Sale.-A list of the bids received
on March 16 for the $225,000 4% town-hall bonds describedin V. 88, p. 521, follows:W.J.Hayes& Sons, Cleveland103.51 Kountze Bros., New York_ _101.31Blake Bros. 1Boston _102.775 Blodget, Merritt & Co.,E.H.Rollin;&Sonsf Boston 100.531Stamford Tr. Co., Stamford_101.875 Rhoades & Co., New YorkPerry, Coffin & Burr, Boston.101.64 (for *100,000 bonds) 101.056
Maturity December 1 1938.Stanton, Martin County, Tex.-Bond Election.-Local
reports state that a $15,000 school-house bond election willbe held March 20.
Sturgeon Bay, Door County, Wis.-Bond Sale.-On March15 the $27,000 5% coupon electric-light-plant bonds de-scribed in V. 88, p. 704, were awarded to A. B. Leach & Co.of Chicago at 107.022. The following bids were received:A. B. Leach & Co., Chic_ _$28,896 00Wm. R. Compton Bond &Mtge. Co., St. Louis__ 28,789 70
S. A. Kean, Chicago $28,404 00C. E. Denison & Co., Clay_ 28,379 75Farson, Son & Co., Chic 28,359 00Chas. H. Coffin, Chicago_ 28,351 00John H. Sonnitag & Co 28,350 00Rudolph Kleybolte Co.
Inc., Cincinnati ___ 28,177 20Thos. J. Bolger Co., Chic_ 28,015 00First Nat. Bank, Cleve_ 27,896 00F. E. Magraw, St. Paul 27,850 00John Nuveen & Co., Chic_ 27,552 00Farwell Trust Co., Chicago 27,332 10W. J. Hayes & Sons, Clev_ 27,103 47
• For 4 ji% bonds.
A bid was also received from Edwin White & Co. Ma-turity $2,000 yearly on Jan. 1 from 1914 to 1926 inclusiveand $1,000 on Jan. 1 1927.
Burry County (P.O. Dobson), No. Caro.-Bond Sale.-Wesee it reported that an issue of $5,000 bonds to build a homefor the aged and infirm has been disposed of to a Chicago firm.
Syracuse, N. Y.-Bond Sale.-On March 16 the two issuesof 4% 1-20-year (serial) registered bonds aggregating$300,000, described in V. 88, p. 704, were awarded to Wm.Salomon & Co. of New York City at 101.436-a basis ofabout 3.833%. Following is a list of the bids received:
$150,000 $150,000school fire and hallbonds. bonds
Wm. Salomon & Co., New York $152,154 00 $152,154 00Lawrence Barnum & Co., New York 151,905 00 151,905 00N. W. Harris & Co., New York 151,635 00 151,635 00R. L. Day & Co., New York 151,633 50 151,633 50Estabrook & Co., New York 151,620 00 151,620 00Kountze Bros., New York 151,320 00 151,320 00Blodget, Merritt do Co., Boston 151,065 00 151,065 00W. N. Coler & Co., New York 150,958 00 150,965 00A. B. Leach & Co., New York 150,855 00 150,855 00C. E. Denison & Co., Cleveland 151,756 00Bids Rejected.-The following bids, all of which were
rejected, were received for the $20,000 414% 1-4-year (serial)registered boulevard bonds offered on the same day:
Wm. Salomon & Co.,Commercial National Bank,Syracuse _ *20,233 50
A. B. Leach & Co., N. Y. 20,154 00W. N. Coler & Co., N. Y. 20,140 00R. L. Day & Co., N. Y. 20,118 00
New York $20,087 20Blodget, Merritt & Co.,Boston 20,062 00
N. W. Harris & Co., N. Y. 20,061 00W.J.Hayes& Sons, Cleve. 20,007 00
Temple, Tex.-Bonds Voted.-The election held March 1resulted in a vote of 370 to 61 in favor of the proposition toissue the $50,000 street-paving bonds mentioned in V. 88,p. 397.
Terrell County (P. 0. Dawson), Ga.-Bond Election.-Anelection will be held April 15, it is reported, to decide on thequestion of issuing $25,000 steel-bridge-construction bonds.Texarkana, Texas-Bond Offering.-Proposals will be
received until 8 p. m. April 2 by A. B. De Loach, Mayor, forthe following 5% bonds mentioned in V. 88, p. 521:
Date March 1 1909. Interest semi-annually at the Texar-kana National Bank in Texarkana, or at the office of theState Treasurer in Austin. Maturity forty years, subjectto call after five years. Bonds are exempt from taxation inthis State. Certified check for 1% of bid, payable to A. B.De Loach, Mayor, is required.Tod Township, Crawford County, Ohio.-Bond Offering.-
Proposals will be received until 12 m. March 26 by FrankCristee, Township Clerk (P. 0. Osceola), for $16,000 4%
road-improvement bonds. Denomination $500. DateMarch 1 1909. Interest semi-annual. Maturity $2,000yearly on Sept. 1 from 1919 to 1926 inclusive. Cash orcertified check for $300, payable to the Township Treasurer,is required. Purchaser to pay accrued interest.Trenton School District (P. 0. Trenton), N. J.-Bonds
Proposed.-The Board of School Estimates recently passeda resolution providing for the issuance of $10,000 portable-school-building bonds. An ordinance will be drawn provid-ing for these bonds and presented to the City Council at itsnext meeting.Upper Darby Township School District (P. 0. Upper
Darby), Delaware County, Pa.-Bond Sale.-Edward V.Kane & Co. of Philadelphia have purchased $60,000 4%bonds. The securities are exempt from taxation and willmature $6,000 yearly from 1911 to 1918 inclusive and$12,000 in 1919.
Velasco Drainage District (P. 0. Velasco), BrazoriaCounty, Tex.-Bonds Registered.-The $50,000 5% 20-40-year (optional) coupon drainage bonds mention of whichwas made in V. 88, p. 643, were registered by the StateComptroller on March 10.Ward Township School District, Hocking County, Ohio.--
Bond Offering.-Proposals will be received until 1:30 p. m.to-day (March 20) by Tom B. Parry, Clerk of Board of Edu-cation (P. 0. Carbon Hill), for $6,000 5% school bonds.Authority Section 3991 and 3992 of Ohio School Laws. De-nomination $1,000. Date March 1 1909. Interest semi-annual. Maturity twenty years. Certified check for 5%of bonds bid for, payable to the Treasurer of the Board ofEducation, is required. Purchaser to pay accrued interest.Washington County (P. 0. Jonesboro), Tenn.-Bonds De-
feated.-The election held March 13 resulted in the defeatof the proposition to issue the $150,000 road bonds men-tioned in V. 88, p. 585.Washington School District (P. 0. Washington), Wash-
ington County, Pa.-Bond Election.-A proposition to issue$150,000 4% high-school-building bonds will be votedupon April 14.Watertown, Mass.-Temporary Loan.-Reports state thai
a loan of $125,000 has been negotiated with Estabrook & Co.of Boston at 3% discount and $1 premium. Maturity $75,-000 on Sept. 2 1909 and $50,000 on March 25 1910.Watertown, Middlesex County, Mass.-Note Offering.-
Proposals were asked for until 12 m. yesterday (March 19) byChas. W. Stone, Town Treasurer, for the discount of $75,000notes due Sept. 20 1909 and $50,000 notes due March 25 1910,to be issued in anticipation of the collection of taxes. Noteswill be certified as to their genuineness by the City Trust Co.of Boston and their legality approved by Storey, Thorndike,Palmer & Thayer of Boston, a copy of whose opinion will bedelivered to purchaser. The result of this offering was notknown to us at the hour of going to press.Watonga, Blaine County, Okla.-Bond Sale.-On March 9
$18,000 6% 20-year general-improvement and fundingbonds were awarded to the State Guaranty Bank of Watongaat 104.10. Denomination $500. Date March 1 1909.Interestsemi-annually at the fiscal agency in New York City.
Wellsville, Columbiana County, Ohio.-Bond Offering .-Proposals will be received until 12 m. to-day (March 20) byJ. F. McQueen, City Auditor, for the following bonds:$1,000 4% fire-station bonds. Denomination $500. Date Dec. 1 1906.
April 1 1908. Interest annual. Maturity April 11928.2,353 20 5% street-paving bonds. Denomination $235 32. Date Jan. 1
1909. Interest annual. Maturity $235 32 yearly on Jan. 1from 1910 to 1919 inclusive.
650 50 5% street-paving bonds. Denomination $65 05. Date Jan. 11909. Interest annual. Maturity $65 05 yearly on Jan. 1from 1910 to 1919 inclusive.
1,191 42 5% street-paving bonds. Denomination $132 38. Date Jan. 11908. Interest annual. Maturity $132 38 yearly on Jan. 1from 1910 to 1918 inclusive.
Interest is payable at the City Treasurer's office. Eachbid must be accompanied by a certified check for $200, madepayable to the Sinking Fund Trustees. These securitiesare not new issues, but bonds held by the Sinking Fund asan investment.Wentworth, Lake County, So. Dak.-Bond Sale.-On
March 6 $7,400 5% 20-year bonds were awarded to the Stateof South Dakota at par. Denomination $1,000. InterestJanuary and July.
Westfield, Chautauqua County, N. y.-Loan Voted.-It isstated that an election held March 16 resulted in favor of aproposition to issue $2,000 electric-light and highway bonds.Westmoreland County (P. 0. Greensburg), Pa.-Bonds
Proposed.-The Board of County Commissioners purposesto issue $500,000 0,00 funding bonds. They will beexempt from State tax.
Willoughby, Lake County, Ohio.-Bandf ering .-Pro -pos als will be received until 12 m. April 12 by C. C. Jenkins,Village Clerk, for $3,000 43% coupon water-works-improve-ment Series "H" bonds. Denomination $500. Date March11909. Interest semi-annually at the Cleveland Trust Co.
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MAR 20 1909.] THE CHRONICLE 785
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in Willoughby. Maturityr$500 each six months from ,March 1 1916 to Sept. 1 1918 inclusive. Bonds are exemptfrom taxation. Draft or certified check for $100, payableto the Village Treasurer, is required. Purchaser to payaccrued interest.Wyoming County (P. 0. Oceana) , W. Va.-Bond Election.
-The election to vote on the question of issuing the $50,0006% 5-30-year (optional) bonds will be held March 30 andnot March 20 as reported in V. 88, P. 252.Youngstown, Ohio.-Bond Offering.-Proposals will be
received until 2 p. m. March 22 by Wm. I. Davies, CityAuditor, for $50,000 4% grade-c rossing-elimination bonds.The bonds will be dated April 1 1909. Interest semi-annually at the office of the City T reasurer. Maturity $5,000yearly on Oct. 1 from 1912 to 1921 inclusive. Purchasersmust be prepared to take the bonds not later than April,and the money must be delivered at one of the banks inYoungstown or at the City Treasurer's office. Each bidmust be accompanied by a certified check on a national bankfor 2% of the bonds bid for, payable to the City Treasurer.
Canada, its Provinces and Municipalities.Alberta.-Debenture Sales.-The following debentures
were recently purchased by Nay St James of Regina:Boyne School District (P. 0. Nanton)-$1,500 6% 10-year school-h
ouse
debentures.Clarseholm-$70,000 57, 20-year water-works and electric-light
system
installation debentures.Claresholm School District (P. 0. Claresholm)-$20,000 5% 30-year
Lundbreck School District (P. 0. Lundbreck)-$7,000 5% 20-year
school-house debentures.McLeod School District (P. 0. McLeod)-$30,000 5% 30-year school-
house debentures.Magrath School District (P. 0. Magrath)-$30,000 5% 30-year school-
house debentures.Sedgewick School District (P. 0. Sedgewick)-$10,000 5% 20-year
school-house debentures.
Balgonie, Sask.-Debenture Election.-It is stated thatpropositions ti issue the following 6% 25-year debentureswill be voted upon March 26: $3,000 for street grading andsidewalk construction; $8,000 for purchasing land anderecting !a, town hal1_,thereondand_$2,000 to purchase landfor.park purposes.
Boissevain, Man.-Debentures Voted-Debenture Offering.-The election held March 6 resulted in a vote of 74 "for"'to 4 "against" the proposition to issue the $7,000 5% electric-light-works debentures mentioned in V. 88, p. 64441 Ma-turity part yearly for thirty years. Proposals for thesedebentures will be received until 5 p. m. to-day (March120.)Brandon, Man.-Debentures Proposed.-This place pro-
poses to issue $100,000 water-works-extension debentures .44Brantford, Ont.-Debenture Offering.-Proposals willbe
received until 12 m. to-day (March 20) by A. K. Bunnell,City Treasurer, for the following debentures for local im-provement purposes:$20,075 434% debentures. Maturity Dec. 31 1928.
13,531 % debentures. Maturity Dec. 31 1918.Denomination, any amount over $100. Interest semi-
annually at the Bank of Montreal in Brantford. Purchaserto pay accrued interest. Assessed valuation $11,562 140.041
Calgary, Alberta.-Debenture Election.-Propositions to.issue 4% 30-year debentures for the following purposeswill be voted upon April 2, according to reports: $27,000 topurchase lots for city purposes and $144,000 for an electric-light plant, system and power. ted
Carleton County (P. 0. Ottawa), Ont.-Debenture Sale.-On March 15 the $20,000 5% debentures described in V. 88,p. 707, were sold to H. O'Hara dr Co. of Toronto. Maturitypart yearly on Dec. 31 from 1909 to 1938 inclusive.Oranbrook, B. 0.-Debenture Sale.-An issue of $35,000,
5% 20-year school debentures was recently disposed of fatpar to the Imperial Bank of Canada. Denomination $1,000.Date July 1 1909. Interest annual.Emard, Quebec.-Debenture Sale.-An issue of $35,000.
5% (payable semi-annually) sewerage and funding deben-tures, maturing in 1937, was awarded to 0. E. HurdiofjMon-treal.
NEW LOANS.
$15,000BOROUCHOFWILSON
Allegheny County, Pennsylvania
4%% TAX FREE BONDS;SEALED PROPOSALS. will be received by
the undersigned until 7:30 o'clock P. M. Thursday,March 25th, 1909, for the purchase of FifteenThousand ($15,000) Dollars 434% tax-free cou-pon bonds of said Borough. Bonds will be datedMay lst, 1909; will be In the denomination of OneThousand ($1,000) Dollars, with semi-annual in-terest coupons andawith privilege of registrationas to principal.
Bidders are requested to bid upon bonds indifferent maturities as follows: First, a flat issuematuring 1934.Second: Maturing = Five =Thousand ($5,000)
Dollars in 1919; Five;,Thousand ($5,000) Dollarsin 1924; Five Thousand ($5,000) Dollars in 1929.
Principal and interest of said bonds will be paya-ble at the First National Bank of Wilson, Pa.Bonds will be drawn by Archibald W. Powell,
Esq., Pittsburgh, Pa.; will be prepared under thesupervision of and certified as to their genuine-ness by the United States Mortgage & Trust Com-pany, New York City, New York, and their le-gality approved by John G. Johnson, Esq.,Philadelphia, whose opinion, or duplicate thereof,will be delivered to the purchaser. Each bidmust beatccompanied by a certified check on aNational Bank or Trust Company for 3% of theamount of the bonds bid for and payable to theBorough of Wilson.The right is reserved to reject any or all bids.
FINANCIAL STATEMENT.
Assessed valuation 6760,660 00Bonded Debt, including this issue 15,000 00Other Debt NoneTotal Debt 15,000 00Cash on hand, all funds 6,755 25Po puts tion 1.500
J. D. BLACKBURN. iFinanceA. G. WILSON, } Committee.JOS. KIRMEYER, J
HUNT, SALTONSTALL & CO.,Meanings of New York Slack Exchange
Investment Securities
60 STATE STREET
BOSTON
Established 18145.
H. C. Speer & Sons Co.First Nat Bank Building, Chicago
CITY COUNTY BONDS. AND TOWNSHIP
NEW LOANS. --$176,000
City of St. Paul, Minn,30 YEAR-4%
SEWER AND SCHOOL BONDS
OFFICIAL ADVERTISEMENT.
City Comptroller's Office.Notice is hereby given that the City of St. Paul,
Minnesota, will receive sealed bids for the pur-chase of the whole or any part of 375,000 00 ofSEWER BONDS, dated November 1, 1908, duethirty years after date without option of priorpayment, and*50,000 00 of HIGH-SCHOOL BONDS, dated
March 1, 1909, due thirty years after date withoutoption of prior payment, and$50,000 00 of GRADED SCHOOL BONDS,
dated March 1, 1909, due thirty years after datewithout option of prior payment.
All of the above-mentioned bonds bear interestat the rate of four (4%) per cent per annum,payable semi-annually, principal and interestpayable at the Financial Agency of the City ofSt. Paul in the City of New York.
Bonds will not be sold for less than par andaccrued interest. A certified check payable tothe City Treasurer of the City of St. Paul fortwo (2%) per cent of the par value of the bondsbid for must accompany each bid that will beconsidered.The committee reserves the right to reject any
and all bids.Sealed bids must be filed with the undersigned
by 12 o'clock noon on March 24. 1909. and willbe opened at that time.
Charles M. Smith & Co.CORPORATION ANDMUNICIPAL BONDS
FIRST NATIONAL BANK BUILDINGCHICAGO
Adrian H Muller& SonAUCTIONEERS.
Regular Weekly SalesOF
STOCKS and BONDSEVERY WEDNESDAY.
Office, No. 55 WILLIAll STEEET,
Corner Pine Street.
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786 THE CHRONICLE [voL.
Govan, Sask.—Bonds Authorized.—A by-law has beenpassed, it is stated, providing for the issuance of $4,00015-year debentures.
Guelph, Ont.—Debenture Sale.—Two issues of 43%20-year paving debentures, aggregating $65,156 48, wererecently awarded to the Ontario Securities Corporation,Limited.Haileybury, Ont.—Price Paid for Debentures.—The price
paid for the five issues of 5% debentures aggregating $86,000,awarded on Feb. 22 to the British-American Securities Co. ofToronto (V. 88, p. 645), was 9.6 and accrued interest.
Kildonan (P. 0. Box 1403, Winnipeg), Man.—DebentureOffering.—Proposals will be received until 6 p. m. March 22byt.G. F. Munroe, Treasurer, for $6,000 5% debentures.Interest March 1 and Sept. 1. Maturity March 11929.Lacombe, Alberta.—Debenture Sale.—W. A. MacKenzie
Sri Co. of Toronto purchased $9,000 5% 18-year fundingdebentures at par. Date April 11909. Interest annual.Lake School District No. 1607, Sask.—Debenture Sale.—
This district recently disposed of $1,000 debentures.Medicine Hat, Alberta.—Debenture Election.—Reports
k tate that an election will be held March 26 to allow thevoters to determine whether or not the following debentureshall be issued: $20,000 20-year debentures to purchase
a, gas-boring plant and extend the gas system and $36,0000-year debentures to extend the water-works-system.Montreal, Que.—Debentures Authorized .—The City Council
has authorized the. issuance of about $4,000,000 public-work debentures. We are informed, however, that it is
ely that these debentures will not be offered for sale"for a long time."
fr, New Liskeard, Ont.—Debenture Election,—An electionwill be held March 26 to vote on a proposition to issue $5,0005% road debentures.
Port Hope, Ont.—Debenture Sale.—This municipality hasawarded an issue of 5% 20-year local-improvement deben-tures to the Dominion Securities Corporation of Toronto.
St. Oatherines, Ont.—Debenture Sale.:—Brouse, Mitchell& Co. of Toronto were recently awarded, it is stated, $25,000
4% coupon school debentures. Interest payable in Toronto.Maturity 1923.
Saskatchewan.—Sale of School District Debentures.—The following debentures of school districts of Saskatchewanwere recently sold to Nay & James of Regina:
Anerley School District (P. 0. Outlook)—$2,000_A%-;10-year school-house debentures.
Beeston School District (P. 0. Grenfell —$1,500 7% 10-year school-house debentures.
Belvidere School District (P. 0. Swift Current)—$1,500 534% 10-yearschool-house debentures.
Elvevow School District (P. 0. Dundurn)—$1,200 6% 10-year school-house debentures dated Feb. 24 1909.Grasby School District (P. 0. Asquith)—$1,800 6 %% 10-year school-
house debentures.Lac Qui Pane School District (P. 0. Hanson)—$500 63% 10-year
school-house debentures.Rosebush School District (P. 0. Watson)—$1,200 6% 10-year school-
house debentures.Wheat Valley School District (P. 0. Swift Current)—$1,800 5'%%
10-year school-house debentures.
Swift Current, Sask.—Loan Authorized.—The voters re-cently authorized a loan of $12,000 for public improvementsand fire protection.
Walkerville, Ont.—Debenture Sale.—The Dominion Securi-ties Corporation of Toronto has been awarded an issue of$6,866 80 5% 10-year local-improvement debentures.
Wellesley Township (P. 0. St. Clement), Ont.—DebentureOffering.—Proposals will be received until April 1 (postponedfrom March 20) by A. B. Robertson, Reeve, for $4,750 4%%gold drainage debentures. Denomination $442 29. DateFeb. 1 1909. Interest annually on Nov. 18 at the StandardBank of Canada in St. Clement. Maturity part yearly onNov. 18 from 1909 to 1923 inclusive. Debentures are ex-empt from all taxation. Debenture debt, including thisissue, $27,000. Floating debt, $2,000. Assessed valuation,$3,800,000.
Winnipeg, Man.—Consolidated Stock Sale.—The Bank ofMontreal, 47 Threadneedle Street, London, E. C., was au-thorized by this city to receive subscriptions at par untilMarch 10 for an issue of £500,000 ($2,430,000 at $4 86)4% consolidated registered stock maturing April 1 1940.The issue was over-subscribed. Interest is payable onApril 1 and Oct. 1 at the above-mentioned bank.
NEW LOANS.
$350,000
City of Birmingham, Ala.SCHOOL BONDS
Sealed bids for the sale of $350,000 City ofBirmingham, Alabama, School Bonds will bereceived by the Mayor at his office in Birmingham.Alabama, until 12 o'clock, Noon, April 8th, 1909Said bonds to be dated July 1st. 1909, and bear
interest at the rate of 5% per annum, payablesemi-annually, and mature 30 years from date.Bonds to be delivered and paid for as follows—
;150,000 on July 1st, 1909.100,000 on April 1st, 1910.100,000 on January 1st. 1911.No bid will be accepted for less than par and.
accrued interest and each bid must be accom-panied by certified check for $2,500.The right is reserved to reject any and all bids.
H. B. SHROPSHIRE JR.,City Clerk.
NOTICE TO REDEEM
Galveston Forty-Year Limited Debt
Bonds of the
CITY OF GAL VESTO1NIssued by It In the year 1883
Notice is hereby given to the holders of thebonds of the City of Galveston known as "Gal-veston forty-year limited debt bonds," Issued bysaid city lu the year 1883, and numbered 979.980, 981, 982, 983. 984, 985, 986, 987, 988, 989.990, 991, 992, 993, 994, 995. 996, 997, 998," 999.1000, 1001, 1002 and 1003, each of said bondsbeing for one thousand dollars ($1,000) and eachdated on the 1st day of January, 1883, that thecity of Galveston will redeem at par the herein-before named and numbered bonds upon theirpresentation at the office of the Treasurer of saidcity, at Galveston, on the 31st DAY OF MARCH,1909, and any of the bonds herein described anddesignated which are not presented for redemp-tion, as aforesaid, on the 31st DAY OF MARCH.1909, shall cease to bear interest from and aftersaid date, the bonds hereby designated forredemption being those bearing the earliest dateof said "Galveston forty-year limited debt bonds"which, are now outstanding. This notice is givenIn pursuance of Section 2 of the Ordinances ofsaid City by virtue of which Ordinances the bondslaereinbefore named and designated were issued.The option is hereby extended to the holdersof the above-numbered bonds to receive insteadof payment and in exchange thereof 4 3i% Gal-
veston Grading, Filling and Drainage Bonds,which are due forty years from date, the cityreserving the right at any time after twenty yearsfrom the date of the bonds to redeem, selectingby lot the bonds to be so redeemed.
T. J. GROCE,Treasurer of the City of Galveston.
r4EW LOANS
$150,000City of Birmingham, Ala.
SCHOOL BONDS
Sealed bids for the sale of $150,000 City ofBirmingham, Alabama, School Bonds, part ofan authorized issue of $350,000, will be receivedby the Mayor at his office in Birmingham, Ala.,until 12 o'clock Noon, April 8th, 1909.Said bonds to be dated July 1st, 1909 and bear
interest at the rate of 5 % per annum, payablesemi-annually and mature 30 years from date.
Bonds to be delivered and paid for on July 1st,1909.No bids *ill be accepted for less than par and
accrued interest and each bid must be accom-panied by certified check for $1,000.
The_right is reserved to reject any and all bidsH. E. SHROPSHIRE JR.,
City Clerk.
Albert Kleybolte stic Co.,409 Wfthavat Street,CINCINNATI, 0.
MUniCiPal,
County, State,and tiligb.Grade Publie Ser-tie•Securities
Sealed bids for the sale of $350,000 City ofBirmingham, Alabama, School Bonds will bereceived by the Mayor at his office In Birmingham.Alabama, until 12 o'clock, Noon, April 8th, 1909.Said bonds to be dated July 1st, 1909, and bear
interest at the rate of 5% per annum, payablesemi-annually and mature 30 years from date.
Bonds to be delivered and paid for on July 1st,1909.No bids will be accepted for less than par and
accrued Interest and each bid must be accom-panied by certified cehck for $2,500.The right Is reserved to reject any and all bids.
H. E. SHROPSHIRE JR.,City Clerk.
McCOY & COMPANYFormerly MacDonald, McCoy do Co.
Municipal andCorporation Bonds
181 La Salle Street, - Chicago
CHELTEN TRUST COMPANY5614 Germantown Avenue
Philadelphia. Pa.
sonets the buslzr ss of Corporations and Munici-palities desiring the service of a Registrar. Trusteeor Pinancia. Agent.
JOHN H. WATKINSMUNICIPAL
AND
RAILROAD BONDSNo. 2 WALL STREET NEW YORK
WEBB 81-4 CO.,
INVESTMENT SECURITIES.
74 BROADWAY, NEW YORK
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